Coopers to Pay $20 Million To Settle Silverado Case
WASHINGTON - Coopers & Lybrand will pay $20 million to settle the government's claim that slipshod audits helped sink Silverado Banking, Savings, and Loan Association.
In settling malpractice charges brought by the Federal Deposit Insurance Corp., the Big Six accounting firm denied any wrongdoing in its 1986 and 1987 audits of the Denver thrift.
Agreement Not to Sue
The administrative settlement is the largest the FDIC has obtained from an accounting firm without filing a lawsuit.
In return, the FDIC agreed not to sue the firm.
Silverado gained notoriety because Neil Bush, the President's son, served on its board of directors.
It is expected to be one of the costliest thrift failures.