Met Mortgage trust and PriceWaterHouseCoopers reach settlement
Associated Press - March 2, 2008 2:05 PM ET
SPOKANE, Wash. (AP) - The Metropolitan Mortgage & Securities Co. investors' trust has agreed to a $30 million settlement with an accounting firm accused of making mistakes that led to the financial conglomerate's downfall.
The settlement marks the first time that PriceWaterhouseCoopers LLC has agreed to pay for its role in the Spokane company's demise.
Lawyers for the trust and PriceWaterhouse will brief U.S. District Judge Fred Van Sickle on the settlement tomorrow morning, when a 20-day trial had been scheduled to start.
If the settlement is approved, the money would be disbursed among thousands of investors who got burned when Metropolitan went bankrupt four years ago.