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While serving as an auditor for The Common Fund for Non-Profit Organizations, KPMG Peat Marwick was sued when a subcontractor made unauthorized trades and lost millions. The Common Fund charged that KPMG should have detected the irregularities. When Davis Polk & Wardwell's Michael P. Carroll got the case, he called it a "proverbial widows and orphans" case. But Carroll succeeded in swaying the jury in KPMG's favor.
March 12, 2001 at 12:00 AM
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The original version of this story was published on Law.Com
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