The damages follow a ruling that PwC failed to design an audit to detect fraud at Alabama Colonial Bank.
PwC has been ordered by a US court to pay damages of $625.3m (£474.6m) over the audit of a collapsed bank. According to the Wall Street Journal, the sum is one of the largest ever paid by an audit firm to settle a case.
The damages follow a ruling in December that PwC failed to detect a huge fraud at a client of Alabama Colonial Bank. Disclosure of the crime helped bring about the collapse of the bank.
The case was brought by the Federal Deposit Insurance Corp, the government agency that insures bank deposits in the US.
Alabama Colonial collapsed when it emerged that mortgage company Taylor, Bean & Whitaker, one of the biggest m
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