PwC has been ordered to pay the Federal Deposit Insurance Corp. $625.3 million as a result of unchecked accounting fraud that caused the failure of Colonial Bancgroup Inc.
A ruling by a U.S District Court in Alabama says the FDIC made its case that negligence on the part of PwC caused damages that the FDIC should be entitled to recover. The written opinion also notes PwC may have some setoff rights as a result of a $60 million settlement paid by Crowe to the FDIC.
