Following one of the biggest bank collapses in US history, this closely watched lawsuit asserted that PwC was grossly negligent in its audit duty and liable for failing to catch a massive fraud between Colonial BancGroup and a top US mortgage lender. For seven years, PwC signed its name to audit reports, certifying billions of dollars in fake assets. In the largest ever auditing negligence trial, the plaintiff sought to recover $5.5 billion, plus punitive damages.
Charged with explaining the auditors’ public duty and responsibilities to the jury, IMS Consulting & Expert Services worked side by side with lead plaintiff attorney Steven Thomas and the trial team over several months to develop trial graphics and demonstrative aids for key motions, opening statement, and use with expert witnesses.
Shortly after the plaintiff wrapped up its presentation of witnesses, PwC settled the case for an undisclosed amount.
At the conclusion of the case, Judge Jacqueline Hogan Scola remarked, “…the opening statements were phenomenal. I was concerned that average citizens would not understand things that are difficult for average lawyers, but I think that both sides did a brilliant job of bringing it down to a comprehensible level. So congratulations everyone for a wonderful presentation of evidence and a fine demonstration of professionalism.”
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