It looks like accounting giant PwC had to pay less than 6% of the amount previously being sought in the settled negligent auditing case against the company for its work on failed insurer Quinn Insurance.
Prior to the case settling last year, insolvent Quinn Insurance was seeking €900 million for PwC’s supposed negligent auditing of the business between 2005 and 2008. Quinn Insurance went bust in 2010. PwC, which denied negligence, was also sued for breach of contract and duty.
When the two camps settled in 2022, the terms of what was agreed were not disclosed. Now, according to a report by The Irish Times, PwC paid €53 million to make the €900 million lawsuit go away.
Citing people familiar with the settlement, the publication said neither PwC nor Quinn Insurance’s administrators have confirmed the sum. The Central Bank of Ireland and the Department of Finance were equally mum on the details.
Meanwhile, it was reported that somewhere between €20 million and €30 million went to the Insurance Compensation Fund due to considerable legal fees.
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