Tyco settlement may create a problem for the auditors
Tyco International Ltd. has agreed to pay almost $3 billion to settle shareholder lawsuits; this is the fourth larges securities class-action settlement. As part of the settlement, the shareholders also get the right to pursue accounting malpractice claims against Tyco auditors Pricewaterhouse. PricewaterhouseCoopers defends itself against the malpractice claims for failure to find fraud at Tyco. The firm says that senior management was engaged in criminal conduct, and it’s a corporate governance failure, not PwC’s fault.
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