KPMG Sued Over New Century Audits

Creditors of bankrupt lender New Century have sued KPMG, alleging the accounting firm’s audits were “grossly negligent” and resulted in investors taking heavy losses on mortgage backed securities.

  • 02 Apr 2009
Creditors of bankrupt lender New Century have sued KPMG, alleging the accounting firm’s audits were "grossly negligent" and resulted in investors taking heavy losses on mortgage backed securities. Creditors, which are seeking $1 billion in damages, have filed two suits: one in California, against the firm’s U.S. operations, ...

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