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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