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PriceWaterhouseCoopers Pays $21.5 Million Settlement in Civil Lawsuit.
Knight Ridder/Tribune Business News, October, 2002
By Greg Burns, Chicago Tribune Knight Ridder/Tribune Business News
Oct. 29--The same corporate auditor mixed up in the massive investigation of Tyco International is paying $21.5 million to settle a civil lawsuit accusing it of disregarding management fraud at a company run by Chicago's wealthy Anixter family.
Without admitting any wrongdoing, PriceWaterhouseCoopers agreed Monday to settle the case involving the now-defunct Anicom Inc., a wire and cable firm, which went bankrupt amid charges that senior managers used a fake billing scheme to inflate profits and sales.
The settlement payout, relatively steep for a case involving a small public company, amounts to "a wake-up call to auditors," said Keith Johnson of the Wisconsin...
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