PricewaterhouseCoopers and Crowe Horwath have been sued over their audits of Colonial Bancgroup by the bankrupt bank’s trustee.
The bank, formerly headquartered in Montgomery, Ala., failed in 2009 after it disclosed that it had bought over $1 billion in troubled mortgages from the mortgage-lending firm Taylor Bean & Whitaker that Taylor Bean did not actually own. The bank’s deposits were subsequently sold to BB&T Corp. by the Federal Deposit Insurance Corp.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access