By Jenna Greene Stephen Sorensen scored the biggest damages award ever against a global public accounting firm, and broke new legal ground along the way. When Colonial Bank failed in 2009, it was—as the judge put it—the result of “one of the largest and longest- lasting bank frauds in American banking history.” But should the…
Read Moreby Ben McLannahan, Financial Times Steven Thomas had enough cash to pay about three months of bills in 2007, when he quit Sullivan & Cromwell to set up on his own. Deserting the elite Wall Street law firm was virtually unheard of; partners sometimes left to join a client such as Goldman Sachs, but almost…
Read MoreBankruptcytrustee sued accounting firm over failure to catch fraud at Taylor Bean. Accounting giant PricewaterhouseCoopers LLP has settled a $5.5 billion lawsuit in the middle of a weekslong trial over its alleged failure to catch the massive fraud that led to one of the most expensive bank failures in U.S. history. Continue Reading
Read MoreDaniel Fisher Forbes Staff Read the Article at Forbes.com Former MF Global Chief Jon Corzine identified the villain behind the 2011 collapse of the commodities trading firm he once ran in court testimony today: Confusion. Stock investors, bond analysts, trade counterparties and banks all became convinced that a company with $14 billion in liquid assets actually…
Read MoreFinancial Times PwC has settled a $3bn malpractice suit with the administrator of its former client MF Global, the collapsed futures brokerage, halfway through a high-profile court battle in New York. Continue Reading
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