PriceWaterhouse To Pay $30M To Settle Audit Suit

Law360, New York (March 10, 2008, 12:00 AM EDT) -- PriceWaterhouseCoopers LLP has reportedly agreed to pay $30 million to put to rest a lawsuit filed over the collapse of Spokane Metropolitan Mortgage & Securities Co., alleging that the accounting firm made improper audits that led to the company's collapse.

If the deal negotiated between the investors' trust of the bankrupt Metropolitan Mortgage and PriceWaterhouseCoopers is approved by the bankruptcy court, it will be the largest sum secured by the trust since the company went bankrupt in 2004, the Spokesman-Review newspaper reported last week.

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