Payward wins arbitration with Mazars USA and receives $22 million in compensation

Payward won the arbitration with former auditing firm Mazars USA, and the arbitrator ruled that Mazars must pay Payward $22 million. Payward is requesting confirmation of the ruling from the Delaware Court of Chancery. Payward claimed that Mazars suddenly withdrew from the audit almost completed, causing damage to the company's reputation and incurring legal fees. Payward Co CEO Arjun Sethi stated that auditing is a critical infrastructure for maintaining bank relationships and regulatory trust, and the unjustified withdrawal of auditing firms would leave the company in doubt.