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PwC sued by investors of Brazilian reinsurer accused of fraud

Posted On: Jan. 26, 2023 8:09 AM CST


Investors in state-controlled reinsurer IRB Brasil Resseguros S.A. have sued U.K.-based audit firm PricewaterhouseCoopers LLP for allegedly overlooking fraud when reviewing IRB’s balance sheets, The Brazilian Report reported. IRB’s shares plummeted 98% between 2019 and 2022 after an independent asset manager discovered the fraud, which lead to 95 million Brazilian reals ($18.2 million) in losses.