Accounting firm, PricewaterhouseCoopers is set to launch a lawsuit against competitor, KPMG and actuarial firm, Watson Wyatt over the collapse of Independent Insurance over two years ago, according to reports in the UK media at the weekend.
PwC is acting as provisional liquidator of Independent, which collapsed in June 2001 after it was revealed that the firm was facing unquantifiable losses from claims which had not yet been logged on its systems.
According to the Telegraph, having taken advice from UK law firm, Denton Wilde Sapte, PwC has now notified the firms that it is pursuing negligence claims against them worth millions of pounds.
Speaking to the UK daily, a representative from Watson Wyatt announced that:
"We are aware that PwC may be taking such action. We believe that if they did so, they would be making a mistake and we would contest it vigorously."
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