PwC named in US fraud action

PwC named in US fraud action

Dublin office named in class action

PricewaterhouseCoopers has found itself entangled in a class action suit
filed in the United States by aggrieved investors who were defrauded by New York
financier Bernard Madoff.

The investors, largely from Argentina and Chile, said the firm’s Dublin
office failed in its capacity as auditor of the fund Optimal Multiadvisors,
which invested indirectly with Madoff.

PwC has been named in the suit even though Optimal Multiadvisors is not
directly linked with the Madoff fraud.

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