December 10, 1999 |
The Treasury Department effectively shut down a corporate tax- shelter arrangement being marketed by major accounting firms. The arrangement is marketed by PricewaterhouseCoopers and other Big Five accounting firms under the acronym BOSS, or bond option and sales strategy. Under BOSS, a foreign corporation is formed and two partners contribute money in return for stock. The corporation also borrows money from a bank with a guarantee of additional securities equal to the loan.
September 7, 1999
Opus West Corp. has signed accounting firm PricewaterhouseCoopers to a 10-year, $22-million lease for more than 69,000 square feet of space on three floors at Opus Center Irvine, a 12-story, 267,000-square-foot office tower at Main Street and MacArthur Boulevard in Irvine. The move will consolidate the accounting firm's two Orange County locations at the new office building, which is scheduled to open in October.
May 27, 1999 |
Coopers & Lybrand agreed to pay more than $108 million for its role in the affairs of the late media baron Robert Maxwell. Coopers & Lybrand, which merged with Price Waterhouse in 1998 to form PricewaterhouseCoopers, was the auditor for Maxwell Communication Corp. Maxwell disappeared from his yacht in 1991 under mysterious circumstances. Earlier that year, his empire collapsed.
January 15, 1999 |
PricewaterhouseCoopers, the world's largest accounting firm, settled charges that its executives and pension fund compromised the firm's independence by buying stock in more than 70 companies it was auditing. The Securities and Exchange Commission, which filed the charges, said the New York-based company agreed to pay $2.5 million to set up an education fund to promote industrywide awareness of an auditor's obligation to avoid conflicts of interest.
July 16, 1998 |
Two Medieval Times franchises have filed a lawsuit against Coopers & Lybrand LLP, claiming that the accounting firm gave professional advice that forced the themed restaurants into bankruptcy. In the lawsuit, filed Monday in Orange County Superior Court, Medieval Dinner & Tournament Inc. of Buena Park, and Medieval Show Inc. of Florida claim federal and state tax authorities assessed more than $90 million in taxes and penalties against the franchises as a result of Coopers & Lybrand's advice.