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February 5, 2013

PwC UK sued by Cattles

UK sub-prime consumer finance company Cattles has filed a suit against its former auditor PwC UK, over alleged audit mistakes.Cattles’s suit is said to accuse PwC of negligence as the company’s auditor.

Cattles had its shares suspended in 2009, and in March 2012 UK financial watchdog the Financial Services Authority (FSA) fined and banned two of the company’s former executives for misleading investors, also finding serious faults in the actions of the company’s management.

At the time the FSA said that Cattles’s auditor and audit committee were not properly informed about, and were not fully aware of, some of the activity the former executives were engaged in.

In response to the suit, PwC issued a statement saying: "We are disappointed that this claim has been issued given the FSA’s censure of the company for market abuse as well as the FSA’s conclusion that certain directors of Cattles plc were found to have acted without integrity in discharging their responsibilities."

"This is an inflated and misguided claim and, as we have made clear before, we will vigorously defend our work," the Big Four firm said.

Related articlesCattles lawyers plotting PwC lawsuit

FSA hammers motor finance provider

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