A New Jersey jury has tagged KPMG with a $41 million verdict, finding the national accounting firm was negligent in auditing a ceramic collectibles company that was up for sale. The jury found that KPMG, in advising the would-be buyer, failed to mention large-scale accounting irregularities that undercut the target company's value. An attorney in the case says he believes the verdict is the largest ever against KPMG.
KPMG Assessed $41 Million for Failing to Divulge Fraud Revealed in Audit
New Jersey Law Journal
October 15, 2008