California Court Dismisses PwC Case Following $39.5 Million Settlement

In the Frame v. PricewaterhouseCoopers case, the California Supreme Court dismissed a case that questioned whether PriceWaterhouseCoopers was required to inform investors of a fraudulent investment scheme the accounting firm uncovered while auditing one of its clients, following a final settlement b...

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Bibliographic Details
Published inAccounting Policy & Practice Report Vol. 2; no. 20; p. 842
Main Author Mahoney, Laura
Format Trade Publication Article
LanguageEnglish
Published Washington Bloomberg BNA 06.10.2006
Subjects
Accounting firms
Big Four accounting firms
Disclosure
Fraud
General partners
Limited liability companies
Settlements & damages
State court decisions
United States > US
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Summary:In the Frame v. PricewaterhouseCoopers case, the California Supreme Court dismissed a case that questioned whether PriceWaterhouseCoopers was required to inform investors of a fraudulent investment scheme the accounting firm uncovered while auditing one of its clients, following a final settlement between the parties in the case. The parties in the case asked the state Supreme Court to dismiss the case on September 8, after the settlement became final. Under the settlement, PwC agreed to pay the plaintiffs $39.5 million. The money will go into a fund established under a global settlement agreement reached in federal court in 2002, and distributed to the plaintiffs,
ISSN:1558-6642