KPMG win Madoff negligence case
Madoff feeder fund fails to sue auditor
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
More about:
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceFallout from Madoff continues: Accountants to undertake surprise visits on investment funds Read More...
View articlePleads guilty to fraud and claims it was 'biggest mistake of my life' Read More...
View articleInvestor extends legal action to include KPMG for audit of Madoff London operations Read More...
View articleBasic checks could have uncovered Madoff Read More...
View articleInvestors claim PwC failed to detect scam Read More...
View articleWhile Madoff was the inspiration for massive fraud, like all good CFOs, Frank DiPascali was the technician that made things happen Read More...
View articleFormer Madoff financial officer helps prosecutors piece together Ponzi scheme Read More...
View article