PwC Settles MF Global Class Action Lawsuit for $65M

By on April 20, 2015

Global auditing firm PricewaterhouseCoopers settled a class action lawsuit alleging that the firm falsely certified its audit opinions regarding MF Global Holdings Ltd financial statements and internal controls.

MF Global, the brokerage firm lead by former New Jersey Governor and Goldman Sachs co-chairman Jon Corzine, reportedly suffered from liquidity shortfalls and was accused of risk supervision failures prior to filing for bankruptcy in October 2011.

PwC agreed to pay $65M to settle the lawsuit, but denied wrongdoing.

“PwC is pleased to resolve this matter and avoid the cost and distraction of prolonged securities litigation,” spokeswoman Caroline Nolan said. “The firm stands behind its audit work and its opinions on MF Global’s financial statements.”

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