Bank Of Oklahoma Sues Auditing Firm Over Losses In Great Plains Loan
Wednesday, August 9th 2006, 6:16 am
By: News On 6
The Bank of Oklahoma has filed a lawsuit against Price-Waterhouse-Coopers auditing firm for more than $9-million. It's connected to the failed Great Plains Airlines.
Here's what happened. The bank alleges the auditing firm presented financial statements that unfairly represented the assets of the Tulsa Airports Improvement Trust.
The bank relied on it to decide to participate in a loan which went to Great Plains Airline. The bank made a $30-million loan to the Tulsa Industrial Authority which was guaranteed by the airports trust. That money was then loaned to the airline.
Great Plains defaulted on the loan in 2004 and later filed for bankruptcy.