Accounting Firm Faces $2B in Lawsuits in Madoff Scam

PricewaterhouseCoopers Canada slapped with 7 lawsuits
By Matt Cantor,  Newser User
Posted Aug 23, 2009 8:04 AM CDT
Workers pose for a photo at the PricewaterhouseCoopers headquarters in New York.   (AP Photo/Mary Altaffer)
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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.