Staggering Lawsuits Hit CPA Firms
It seems like every week in 2002 we reported on a firm being sued for improper audits of client financial records. While these suits have occurred regularly in the past, it is the size of these lawsuits that has captured the attention of the press and the public. In addition to the startling numbers originally discussed to settle the Enron case ($800 million at one point), the Big Five firms, national firms, and even H&R Block found themselves settling lawsuits to the tune of tens of millions of dollars this year. Insurance companies are scrambling to adjust to the new marketplace reality and professional liability insurance premiums are going nowhere but up as a result.
04/12/02 Xerox to Pay Record Financial Fraud Penalty, Investigation Turns to KPMG [1]
04/26/02 Three Big Five Firms Get Sued over 'McScandal' [2]
05/07/02 Andersen Reaches Settlement in Baptist Foundation Lawsuit [3]
06/11/02 PwC Finds Accounting Lawsuits Broke Records in 2001 [4]
06/24/02 BDO Seidman Nears End of Case Involving Criminal Charges [5]
07/18/02 PwC Settles Rash of Auditor-Independence Violations [6]
07/29/02 KPMG Gets Probation For Bungling Orange County Audit [7]
08/28/02 Andersen Worldwide To Pay $60 Million in First Enron Settlement [8]
08/29/02 Andersen Worldwide Faces $350 Million RICO Action [9]
09/24/02 Peregrine Files For Bankruptcy, Sues Andersen For $1 Billion [10]
10/22/02 PwC Named in $100 Million Lawsuit [11]
10/29/02 PwC Pays $21.5M to Settle Case With Anicom [12]
11/08/02 H&R Block Slapped With $75 Million Kickback Ruling [13]
12/24/02 E&Y Slapped With $1 Billion Lawsuit [14]
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