ING sues PWC over NCFE

ING Groupfiled suit today against PricewaterhouseCoopers regarding its involvement in now-defunct National Century Financial Enterprises ABS, according to wire reports. PWC, as NCFE’s auditor, should have notified ING, an investor in NCFE’s now defaulted ABS, of the fraudulent receivables in the trust, according to the report. ING claims in its suit that it bought $500 million of NCFE ABS in 2001, based partly on the auditing report authored by PWC accountants.