PwC sued by investors of Brazilian reinsurer accused of fraud

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.