Other storiesUK investors to sue C&W and KPMG
The firm denied ill performance at both companies, US drugstore chain Rite Aid and US insurer Oxford Health Plans. KPMG said it was settling to avoid years of legal arm twisting with its direct and indirect costs.
KPMG said: ‘Rite Aid’s management conspired to override internal controls and withhold critical information from its auditors. When management of a company, which has the primary responsibility for financial reporting, intentionally manipulates its records, it is extremely difficult for any auditor to uncover such actions,’ according to a report in the FT.
KPMG will pay $125m to settle issues with Rite Aid and $75m to settle all Oxford Health Plans related litigation.
Dennis Layton takes up the position on April 1 and will contribute to the firm’s goal of becoming the leading global professional services organisation by 2020
Richard Cartwright becomes the new head, taking over from incumbent head of office David Lemon
Brian Burke, business development director, has moved within the firm to 'develop Quantuma’s networks with Sussex professional firms'
Stephen Mills joins the Manchester office from IBM, where he spent 12 years as an associate partner in the data, analytics and cognitive consulting group