KPMG win Madoff negligence case
Madoff feeder fund fails to sue auditor
Big Four firm KPMG won a court actions brought against it from a fund
connected to convicted fraudster Bernard Madoff’s ponzi scheme,
Reuters
reports.
Meridian Horizon Fund which brought the case along with other hedge funds,
failed in its action against KPMG after a judge found the firm lacked actual
intent to deceive, manipulate, or defraud the investors in the funds that
brought the suit.
It was claimed the firm issued false and misleading audit opinions and had
done inadequate checks on Madoff’s firms.
Judge Thomas Griesa said: “Merely alleging that the auditor had access to the
information by which it could have discovered the fraud is not sufficient,”
Judge Griesa wrote in his opinion.”
Read the full story:
KPMG
wins dismissal of Madoff feeder fund lawsuit