A federal appeals court upheld a $182.9 million jury award that PricewaterhouseCoopers will have to pay to policyholders of a defunct insurance company audited by its predecessor Coopers & Lybrand.
Price Waterhouse merged with Coopers & Lybrand in 1998. A jury awarded $120 million in damages in July 2005 to the policyholders, claimants and other creditors of Ambassador Insurance. The judge upped the award to nearly $183 million, counting pre-judgment interest. The suit was originally filed in 1985 by Vermont insurance regulators and went to trial in New Jersey, as the company was incorporated in Vermont but operated from the Garden State.
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