Standard Chartered was awarded record damages of $341m against Price Waterhouse by a US court in 1987, but the ruling was later overturned. Years of further court battles followed.
The bank has 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 claimed 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, which it later sold 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 Titanic officers who ignored icebergs.
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