PracticeAccounting FirmsPwC settles Tyco case

PwC settles Tyco case

Big Four firm to pay $225 over audit failure claims

PricewaterhouseCoopers is to pay $225m (£120m) to settle claims from
shareholders in Tyco International, the US telecoms giant embroiled in a
financial scandal in the early 2000s.

The Big Four firm has agreed the settlement following claims that it failed
to spot a massive accounting fraud while working as the conglomerate’s auditor,
according to
reports.

Earlier this year Tyco had assigned claims against its former auditors to
investors, after agreeing to pay $3bn (£1.5bn) to settle its own case out of
court.

A PwC spokesman in the US said the firm had decided to resolve the litigation
as the cost of defending the case made settlement ‘the sensible choisce for the
firm’.

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