PwC has agreed to pay an undisclosed sum to Standard Chartered bank over alleged faulty auditing by the firm, closing the door on a legal battle that has lasted 12 years. Standard Chartered was awarded record damages of $341m (£211m) against Price Waterhouse by a US court in 1987, but the ruling was later overturned. Years of further court battles followed. The bank had been preparing to restart the case in an Arizona court, but PwC struck a last minute deal to end the case. It declined to reveal the size of the payment, but said it would be covered by insurance. In the dispute, Standard Chartered said it had relied on flawed advice from Price Waterhouse, now merged with Coopers & Lybrand into PwC, when deciding to buy United Bank of Arizona in 1986. It later sold that bank at a loss after suffering from non-performing loans. During one stage of the legal struggle in 1992, the bank's lawyers likened the firm's actions to those of officers on the Titanic who ignored icebergs.
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