OTHER NEWS - Aug. 3, 1992
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Price Waterhouse Suit Dropped: A federal judge dismissed a lawsuit against Price Waterhouse in which the Securities and Exchange Commission charged the accounting firm with misrepresenting the finances of a business equipment company. U.S. District Judge John Sprizzo, who held a trial without a jury, found that the SEC had not proven that the firm acted recklessly in its 1980 audit of Chicago-based AM International Inc. The SEC sued Price Waterhouse and three of its accountants in 1985 and sought an order stopping the firm from breaking securities laws in the future.
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