The joint administrators of Quinn Insurance Ltd are suing the firm’s former auditors PwC for €1bn over alleged negligent auditing.
Michael McAteer and Paul McCann of Grant Thornton were appointed joint administrators to Quinn Insurance in March 2010.
PwC Ireland has consented today to the application of the joint administrators of Quinn Insurance Ltd (under administration) to admit legal proceedings to the Commercial Court.
“These proceedings are unjustified and devoid of merit,” PwC said in a statement.
“The affidavit, accompanying the application, contains factual inaccuracies, misrepresentations of the facts and assertions with which we fundamentally disagree.
“The circumstances behind the proceedings are complex and technical and involve many interrelated parties, including the joint administrators themselves.
“We stand by the quality of our audit work and we will vigorously defend these proceedings.”
Also see: QuinnInsurance