The TBW v. PwC trial gave the public quite a few interesting disclosures about the audit industry and PwC, including some some pointing to how the firms’ finances, in this case PwC, work.
Here’s a brief look at the TBW Plan Trustee v. PwC trial, what led to it and what’s next.
PwC is scheduled to go to trial for malpractice related to the bankruptcy of SemGroup in August, almost six years later. The SemGroup Litigation Trust, pursuing claims on behalf of the company and its creditors, alleges PwC did a terrible audit. But it’s worse than just lousy auditing, especially if a trial exposes the truth of PwC’s disingenuous defenses.
Ernst & Young gets a little bit of good news about Lehman liabilities but… Is it just me or are the auditor defense lawyers losing their touch?