The administrators of Quinn Insurance, a prominent Irish insurer, have sued PwC for €1 billion, alleging negligent auditing.
Quinn Insurance, founded by former billionaire Sean Quinn, was put into administration in 2010 after failing to meet solvency requirements, prompting the Irish government to inject €1.1 billion to keep the company afloat. The administrators, Michael McAteer and Paul McCann from Grant Thornton, claim that PwC's failure to highlight deficiencies in Quinn's accounts led to significant and avoidable losses.
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