PwC faces £1.6m bill over negligent advice
Price Waterhouse (now part of PricewaterhouseCoopers) faces a £1.6m pay-out as a result of negligent advice given to Keele University over profit related pay schemes.
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The University accused the firm of giving defective advice in relation to a PRP scheme it operated in its financial year from August 1996 to August 1997 and claimed that the knock on effect of that advice flowed through into the scheme operated by it in the following year and that it left it unable to operate a successful scheme for the years 1998/1999 and 1999/2000.
Today at the High Court, Mr Justice Hart said Price Waterhouse admitted that in one respect the advice it gave was wrong and negligent, although it did not admit all the allegations.
Damages had been agreed subject to the judge ruling on the impact the negligent advice had on Keele.
Today, after a ruling by the judge on the extent of that impact, PwC was left facing a damages bill of £1,670,163 plus interest which is yet to be agreed.