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PHILADELPHIA
A federal appeals court has upheld a $183 million malpractice award against accounting giant PricewaterhouseCoopers stemming from audits of a collapsed insurance company.
The money will go to policy holders, claimants and other creditors of Ambassador Insurance Co., which was deemed insolvent and seized by Vermont's insurance department in 1983.
Vermont officials charged that Ambassador's financial statements -- audited by Coopers - Lybrand, a predecessor to the defendant, in 1981 and 1982 -- had concealed the company's weakness from regulators.
The insurance company was incorporated in Vermont, although it operated from North Bergen, N.J.
After years of litigation capped by a 2005 federal trial in New Jersey, a jury awarded damages of about $120 million to the creditors
A convicted sex offender who fooled Arizona educators into believing he was a 12-year-old boy so he could attend school with teenagers recently struck a plea deal to avoid trial, but he still faces more than 70 years in prison, Yavapai County Attorney Sheila Polk announced Wednesday.
'According to the terms, he shall serve not less than 70.5 years in the Department of Corrections, and that is flat time, which means he has to serve all 70.5 years before becoming eligible for release,' Polk said.
Neil Havens Rodreick II, 30, entered guilty pleas on Friday in Yavapai County Superior Court on six felony counts, including sexual exploitation of a minor, fraudulent schemes and failure to register as a sex offender. He also pleaded guilty to simple assault, a misdemeanor.
Rodreick was convicted of making a lewd proposal to a child in 1996 in Oklahoma. After his release from prison, he posed as a 12- or 13-year-old boy in Oklahoma, then did the same in Arizona from 2003 until he was caught in January 2007. He spoke quietly, shaved his body hair and wore a hat and pancake makeup to hide his true age
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