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Golden Wind-up: Pwc Bags £120m In Lehman Fees

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http://www.independent.co.uk/news/business...es-1776015.html

The administrator to Lehman Brothers International (Europe), the London-based division of the collapsed US bank, has racked up more than £120m in fees in less than a year.

Big-four accountant PricewaterhouseCoopers (PwC) has had up to 300 people at any one time working on one of the most complicated administrations in corporate history. Joint administrator Tony Lomas, who was hired when LBIE's US parent failed last September, has predicted that the administration of the European arm could take more than a decade.

"So far, there has been £120-odd million in PwC fees, but it won't be continuing at this rate," Mr Lomas said. "This [intensive] level of activity should continue to the middle of next year." However, PwC's intention to speed up the administration was dealt a severe blow on Friday when Mr Justice Blackburne ruled that the High Court could not approve a scheme that would have simplified the distribution of assets to LBIE's former clients. These clients are owed $29.8bn (£18bn) in assets, such as shares in major corporations including BP, placed on their behalf by LBIE. PwC has already given back $13.1bn.

I'm surprised the banks haven't got into this game.

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http://www.independent.co.uk/news/business...es-1776015.html

I'm surprised the banks haven't got into this game.

The banks can't as they need to be "separate" and "independent" when doing audit and financial forensics.

That said $120m won't go very far. PWC are being sued by Madoff victims for $4bn.

I reckon PWC won't exist in 3 years from now.

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The banks can't as they need to be "separate" and "independent" when doing audit and financial forensics.

That said $120m won't go very far. PWC are being sued by Madoff victims for $4bn.

I reckon PWC won't exist in 3 years from now.

How could an auditor miss a ponzi scheme that big? :lol:

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