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The Colonial BancGroup, Inc. et al v. PricewaterhouseCoopers LLP et al(LEAD CASE)

  1. March 15, 2019

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

    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.

  2. January 29, 2019

    PwC Says BofA To Blame In $400M Suit Over Bank Failure

    PricewaterhouseCoopers LLP urged an Alabama federal judge Monday to reject the $400 million in damages sought by the Federal Deposit Insurance Corp. in long-running litigation over the accounting giant's alleged failure to detect fraud that brought down Colonial Bank, arguing Bank of America should be responsible.

  3. September 05, 2018

    FDIC Again Asks For Interest From PwC In Colonial Bank Case

    The Federal Deposit Insurance Corp. asked an Alabama federal judge Tuesday to reconsider awarding prejudgment interest on the $625 million in damages that PricewaterhouseCoopers was recently ordered to pay the regulator for failing to detect a fraud that brought down Colonial Bank.

  4. July 02, 2018

    PwC Must Pay FDIC $625M Over Colonial Bank Failure

    An Alabama federal court ruled against accounting giant PricewaterhouseCoopers on Friday in a suit brought by the Federal Deposit Insurance Corp. over the auditor's failure to detect a fraud scheme that brought down Colonial Bank, ordering the auditor to pay $625 million, every penny the FDIC sought.

  5. January 02, 2018

    Shoddy PwC Audits Led To Bank Failure, Judge Rules

    PricewaterhouseCoopers LLP faces hundreds of millions of dollars in damages after a federal judge recently ruled its negligent audits of an Alabama bank contributed to one of the biggest bank failures of the financial crisis.

  6. October 13, 2017

    'PwC Did Not Do Its Job' And Missed $2B Fraud, Judge Told

    PricewaterhouseCoopers LLP fundamentally bungled its auditing responsibilities when it failed to scrutinize mortgage transactions and missed a fraud scheme that led to the downfall of the bank PwC was supposed to monitor, the Federal Deposit Insurance Corp. said in D.C. federal court Friday.

  7. September 01, 2017

    PwC Can't Halt $2B Suit Over Mortgage Fraud That Sank Bank

    An Alabama federal judge said Friday that she won't pause a $2 billion suit that alleges PricewaterhouseCoopers LLP overlooked a mortgage fraud scheme that brought down a bank while the auditor appeals the court's rejection of its attempt to shift the blame to federal regulators.

  8. August 23, 2017

    PwC Wants Higher Court To Step In On $2B Failed Bank Suit

    PricewaterhouseCoopers LLP asked an Alabama federal judge on Tuesday to halt a $2 billion lawsuit shortly before trial so the state's top court or an appeals tribunal can consider whether fraud by employees of failed Colonial Bank was passed on to the Federal Deposit Insurance Corp., saying state law is not clear on the matter.

  9. August 21, 2017

    Auditors Can't Blame FDIC For Colonial Bank Fraudsters

    An Alabama federal judge Friday rejected an effort by PwC and another auditor to hold the Federal Depository Insurance Corp. to account for a group of Colonial Bank employees whose long-running mortgage lending fraud preceded the bank's collapse during the financial crisis.

  10. July 14, 2017

    Auditors Face Suit But Not Interest In $2B Bank Failure Row

    An Alabama federal judge ruled Friday that auditors PricewaterhouseCoopers LLP and Crowe Horwath LLP must face a $2.2 billion lawsuit by regulators who say the watchdog overlooked a mortgage fraud scheme that brought down Colonial BancGroup Inc., but said the damages are too complicated to apply interest.

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