Taylor, Bean & Whitaker Plan Trust v. PwC
Following one of the biggest bank collapses in US history, this closely watched lawsuit asserted that PwC was grossly negligent in their audit duty and liable for failing to catch a massive fraud between Colonial BancGroup and a top US mortgage lender. For seven years, PwC signed their name to audit reports certifying billions of dollars in fake assets. In the largest ever auditing negligence trial, the plaintiff sought to recover $5.5 billion, plus punitive damages.
The Focal Point’s Role
Charged with explaining the auditors’ public duty and responsibilities to the jury, The Focal Point worked side-by-side with lead attorney Steven Thomas and the trial team over several months to develop trial graphics and demonstrative aids for key motions, opening statement, and for use with expert witnesses.
PwC settled the case mid-trial for an undisclosed amount, shortly after the plaintiff wrapped up its presentation of witnesses.
At the conclusion of the case, Judge Jacqueline Hogan Scola remarked “…the opening statements were phenomenal. I was concerned that average citizens would not understand things that are difficult for average lawyers, but I think that both sides did a brilliant job of bringing it down to a comprehensible level. So congratulations everyone for a wonderful presentation of evidence and a fine demonstration of professionalism.”
Miami-Dade County Circuit Court for the Eleventh Judicial Circuit of Florida
The Focal Point’s Client