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Insurance Industry

Dáil Éireann Debate, Tuesday - 10 June 2014

Tuesday, 10 June 2014

Questions (174)

Stephen Donnelly

Question:

174. Deputy Stephen S. Donnelly asked the Minister for Finance if he will provide an update on the litigation by the administrators of Quinn Insurance against PricewaterhouseCoopers, which was commenced on 15 February 2012, and involves a claim for damages of approximately €1 billion in respect of alleged audit failings by PwC at Quinn Insurance. [24432/14]

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Written answers

In July 2012 the Joint Administrators of Quinn Insurance Limited (QIL) informed the High Court that they were considering taking legal action for negligence against the former auditors of QIL, PricewaterhouseCoopers.

The proceedings were admitted to the Commercial Court on 29 July 2013 and QIL provided its statement of claim to PricewaterhouseCoopers on 24th September 2013.  The Commercial Court is case-managing the proceedings and the most recent directions issued by the Court anticipate that PricewaterhouseCoopers will provide its defence to QIL by 1 August 2014.

As this case is before the Courts I do not propose to make any further statement now.

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