U-Haul Parent Sues PricewaterhouseCoopers

Amerco, parent of U-Haul International Inc., sued PricewaterhouseCoopers for $2.5 billion Monday, accusing the world’s largest accounting firm of providing bad advice that nearly led to bankruptcy.

Reno-based Amerco said Pricewaterhouse structured off-the-books entities to help U-Haul legally avoid putting real estate-related losses on its books. The accounting firm later said such “special purpose entities” were not sufficiently independent to justify separate accounting for the vehicle-rental company.

In its 69-page complaint, Amerco accused the accounting firm of a “calculated pattern of behavior” designed to “protect and insulate PwC from liability and public exposure.”

The accounting firm, employed by Amerco since 1978, was fired in July after Amerco restated financial results.

“This action appears to be an attempt by company management to shift blame away from themselves,” PricewaterhouseCoopers spokesman David Nestor said in an e-mailed statement. “The primary responsibility for the accuracy of financial statements lies with the company.”

Amerco Chairman Edward Shoen said in August that he didn’t disagree with PricewaterhouseCoopers’ accounting changes nor did he find any bad accounting, Nestor said.