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Kingsway Financial Sues PwC, Actuaries; Irregular Accounting For Acquisition Alleged

A new legal battle involving an insurance carrier and the world’s largest accounting firm is again putting a spotlight on a theme that’s become familiar in recent strings of corporate scandals: irregular accounting and complacent board directors.

The case involves Kingsway Financial Services Inc., a Mississauga, Ontario-based insurer with more than $1 billion in annual revenues, and its lawsuit filed last month against PricewaterhouseCoopers LLP in New York and Miller, Herbers, Lehmann & Associates Inc., a Bloomington, Ill.-based actuarial firm, which is in the process of dissolution.

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