Accounting Firm Faces $2B in Lawsuits in Madoff Scam

The Canadian branch of the world’s largest accounting firm is facing seven lawsuits for up to $2 billion on behalf of investors who fell victim to Bernard Madoff, the Telegraph reports. PricewaterhouseCoopers Canada was the auditor of a feeder fund, Fairfield Sentry, that directed cash to the Ponzi schemer. PwC faces claims of negligence for not noticing that fund's supposed $7.2 billion in assets were nonexistent.
(More accounting stories.)