Like the gambling addict he surely was, Sean Quinn kept going as the Anglo share price dipped, he doubled down, chasing his losses, and eventually lost everything. Compulsive gamblers often bet on pursuits they know nothing about.
Why did PwC decide to settle a case that it had defended for so long? And why did the administrators agree to a deal that saw them accept a fraction of what they claimed was due? Plus, who is on the hook for the bill?
The Central Bank and Department of Finance have agreed €65.2 million in funding for Quinn Insurance's marathon suit against its former auditor PwC.
“Blameless” PwC partners may find themselves financially exposed as a result of the €900 million negligence claim being brought against the firm by collapsed insurer Quinn Direct, the Supreme Court has heard.
A Court of Appeal ruling that it would be "intrinsically unfair" to expect accountancy giant PwC to bear all the risk of its €30 million legal battle with the collapsed Quinn Insurance is up for challenge.
The negligence battle over the demise of Quinn Insurance is a private battle about money and financial loss. It is also about reputation and public accountability. A new Court of Appeal judgment has added to the tussle.
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