A New Jersey jury has awarded $31.8 million to Cast Art Industries, a distributor of collectibles that sued KPMG for ignoring fraud at a company that Cast Art had acquired in 2000.
The verdict, which is $41 million with interest, is believed to be the largest against KPMG to date, according to Michael Avenatti, a partner at Eagan O’Malley & Avenatti in Newport Beach, Calif., and lead trial counsel in the case. Cast Art Industries LLP v. KPMG, LLP, No. MID L-3295-03 (Middlesex Co., N.J., Sup. Ct.).
