April gave PricewaterhouseCoopers a chance to do some spring cleaning related to its involvement with Satyam Computer Systems, the South Asian outsourcing company that earned the dubious honor two years ago of being nicknamed “India’s Enron.”
Early last month five India-based PwC affiliates agreed to pay $7.5 million in penalties to the Securities and Exchange Commission and the Public Company Accounting Oversight Board for their role in providing auditing services to Satyam. And on Friday, PwC International and several affiliates in the U.S. and India agreed to a $25.5 million securities class action settlement with Satyam investors in federal district court in Manhattan.
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