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MONDAY, NOVEMBER 23, 2009
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Accounting Firm Faces $2B in Lawsuits in Madoff Scam

PricewaterhouseCoopers Canada slapped with 7 lawsuits

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(Newser) – The Canadian branch of the world’s largest accounting firm is facing seven lawsuits for up to $2 billion on behalf of investors who fell victim to Bernard Madoff, the Telegraph reports. PricewaterhouseCoopers Canada was the auditor of a feeder fund, Fairfield Sentry, that directed cash to the Ponzi schemer. PwC faces claims of negligence for not noticing that fund's supposed $7.2 billion in assets were nonexistent.

Workers pose for a photo at the PricewaterhouseCoopers headquarters in New York.
Workers pose for a photo at the PricewaterhouseCoopers headquarters in New York.   (AP Photo/Mary Altaffer)
Bernard Madoff arrives at Manhattan federal court in New York in March.
Bernard Madoff arrives at Manhattan federal court in New York in March.   (AP Photo/ Louis Lanzano)
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4 comments
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Nwambe
Aug 23, 09 9:39 AM CDT
Ooooh... They're effed. I'm quite surprised that the Securities Commission here didn't do anything about it!!! Reply
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Newser001
Aug 23, 09 9:49 AM CDT
This will likely be the end of the road for PricewaterhouseCoopers. Remember Enron... The death of Arthur Andersen?
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Newser001
Aug 23, 09 1:18 PM CDT
It's clearly a conflict of interest when the same firm sells and audits; it should be forbidden, illegal and I thought it was, but obviously not.
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pg13
Aug 23, 09 10:24 AM CDT
Good. I'm sick of these rubberstamping contracts. I don't trust the "GIPS" compliance rubberstamp auditors either. Reply
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