The shareholders of Banca Popolare di Novara are set to sue PricewaterhouseCoopers, alleging that the Italian bank's advisers failed to detect a L100 billion ($48.6 million) accounting error in its bond portfolio in 1999, according to Reuters. The bank's lawyers have been authorized to file the suit by around 1,200 of its shareholders. PwC has rejected the board's accusations, claiming it is being blamed for the bank's error, and has stated that shareholders suffered no damage.
January 03 2001