KPMG is appealing a professional malpractice and negligence verdict after a
Jersey jury awarded Cast Art more than $41m in damages.
Cast Art sued KPMG in 2003 for for failing to detect financial fraud at
NJ-based Papel Giftware which Cast Art acquired in December 2000, claiming KPMG
knew of the fraud but purposely overlooked it in order to assist the chairman of
Papel’s board, who provided significant business to KPMG. WebCPA
KPMG argued in its defense it had indicated during the three years it was the
auditor of the company there were problems, but Cast Art decided to buy Papel
‘We do not believe that there is a factual basis for this verdict, and are
it will be reversed on appeal,’ Dan Ginsburg, KPMG spokesman, said.
The average cost of fraud increased 35.4% to £3.9m in 2016, compared to 2015 data
Harrison Beale & Owen will (HB&O) have a new chairman and managing director at the helm for 2017
Satvir Bungar promoted to managing director in the mergers and acquisitions team
Carolyn Brown appointed as the first head of client legal services practice RSM Legal