(MENAFN) The administrator of the bankruptcy plan of MF Global Holdings has decided to sue PricewaterhouseCoopers (PwC) for USD1 billion, The Peninsula Qatar reported
The decision to sue the auditor is due to advice on a USD6.3 billion European sovereign debt investment which helped in the Global's demise
PwC committed professional malpractice by offering "flatly erroneous" advice concerning, and approval of, the off-balance-sheet accounting treatment for the debt by MF Global
A PwC spokeswoman said that the accounting treatment that is the subject of the complaint has been examined by trustees, regulators and a congressional committee
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.