PriceWaterhouseCoopers has requested the dismissal of a mult-million-dollar claim filed following the bankruptcy of Metropolitan Mortgage & Securities.
Met Mortgage's new management has said that PwC was negligent in performing audits of the company and that the auditor helped Metropolitan mask losses. About 16,600 investors were owed a total of $470 million in notes when the company filed for Chapter 11 bankruptcy protection in February 2004. Thousands more investors are owed more than $130 million in preferred stocks. Metropolitan has accused PwC of professional negligence, negligent misrepresentation and breach of contract.
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