Business Services Industry
PwC found liable in old insolvency; 20 years after insurer's collapse, jury puts auditor on hook to pay claims.(PricewaterhouseCoopers L.L.P. )
Business Insurance, August, 2005 by Fletcher, Meg
Byline: MEG FLETCHER NEWARK, N.J.-Most policyholders of Ambassador Insurance Co. could have their claims paid in full following a $119.9 million jury verdict in an accounting malpractice case brought against the long-defunct surplus lines insurer's auditor. The verdict in federal court in Newark, N.J., against PricewaterhouseCoopers L.L.P.
comes more than 20 years after the collapse of the North Bergen, N.J.-based insurer (see box). New York-based PwC plans to challenge the verdict. If the verdict stands, Ambassador policyholders-most of whom have already received at least 90 cents on the dollar for their claims-could have their claims completely covered, and reinsurers and other creditors could also benefit. "First and foremost, this verdict goes a...
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