Pricewaterhouse to Pay $50-Million Settlement
PricewaterhouseCoopers, the biggest U.S. accounting firm, will pay $50 million to settle a lawsuit filed by Raytheon Co. investors claiming that the auditor approved misleading Raytheon financial statements.
Raytheon this month agreed to pay $410 million to settle the shareholders’ lawsuit against the company. Pricewaterhouse said it didn’t admit liability in resolving the case.
Shareholders began filing lawsuits against Raytheon after the company said Oct. 12, 1999, that it would take pretax charges of $638 million, sending its shares down 44% that day.
The shares rose 35 cents to $32.94 on the New York Stock Exchange before news of the settlement was released.
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