Colonial’s Claim of Reckless Accounting Worth Hearing, Judge Rules

Accounting firms PricewaterhouseCoopers and Crowe Horwath must deal with a lawsuit accusing them of professional malpractice and breach of contract for not catching the fraud that led to Colonial Bank’s 2009 collapse, a federal judge has ruled. The lawsuit accuses the accounting firms of making “reckless and grossly inaccurate” reports to the bank’s board, allowing…

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