FDIC Strikes $335M Deal With PwC Over Colonial Bank Audits

By Jon Hill (March 15, 2019, 8:44 PM EDT) -- The Federal Deposit Insurance Corp. said Friday that it has reached a $335 million settlement resolving its case against PricewaterhouseCoopers LLP over the accounting giant's audit work for the now-failed Colonial Bank, an amount that's roughly half of what an Alabama federal judge had previously said the agency was entitled to in damages.

U.S. District Judge Barbara Jacobs Rothstein ruled last summer that PwC owed the FDIC more than $625 million in damages for negligent audits that the agency alleged had failed to catch a massive mortgage fraud that took down Colonial Bank, which was shuttered in 2009 and placed into...

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