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Amerco is U-Hauling PwC Into Court Apr. 23, 2003 (financialwire.net) U-Haul International's parent, Americo, Inc., is suing its former auditor, PricewaterhouseCooper for over $2.5 billion for providing accounting advice that the company said was flawed and almost resulted in the company's bankruptcy. The lawsuit alleges that PwC's bad advice on certain off balance sheet financing vehicles, along with delays in disclosing the error once it was discovered, subsequently put Amerco in "serious jeopardy." The delay almost cost the company its Nasdaq listing due to the subsequent postponements of filing financial statements, said Amerco. Earlier in the year, regulators filed a lawsuit against KPMG over its audit of Xerox Corp., and former clients have also sued Ernst & Young. PricewaterhouseCoopers was also auditor of Tyco International Ltd. when it was snagged by regulators. |
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