Skip to content
Subscriber Only
Business

PwC to Pay $335 Million in Settlement Over Audits of Failed Bank

  • FDIC acussed firm of negligence in Colonial Bank’s collapse
  • FDIC’s Gruenberg dissents because PwC didn’t admit liability
A sign stands outside a Colonial Bank branch in Montgomery, Alabama in 2009.

A sign stands outside a Colonial Bank branch in Montgomery, Alabama in 2009.

Photographer: Dave Martin

PwC agreed to pay $335 million to settle Federal Deposit Insurance Corp. allegations that the firm was negligent in its audits of Colonial BancGroup Inc., an Alabama bank that collapsed after the 2008 financial crisis.

The agreement, announced in a Friday statement by the FDIC, closes a difficult chapter for PwC with the U.S. agency that could have been even worse.