KPMG Assessed $41 Million for Failing to Divulge Fraud Revealed in Audit

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.

A Middlesex County jury on Oct. 10 tagged KPMG with a $31.8 million verdict, finding the national accounting firm was negligent in auditing a ceramic collectibles company that was up for sale.

With interest, the award comes to $41 million.

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KPMG Assessed $41 Million for Failing to Divulge Fraud Revealed in Audit

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