PracticeAuditKPMG US close to $24m Countrywide settlement

KPMG US close to $24m Countrywide settlement

KPMG US nears its $24m settlement over Countrywide litigation

A $24m (£15m) settlement by KPMG in the US over its audit work at Countrywide
has been granted preliminary approval by a federal judge.

Bank of America, which owns Countrywide, agreed in May to pay $600m to
resolve class-action litigation, with KPMG agreeing $24m.

The final hearing on the settlement is likely to be held on 15 November,
reported Reuters.

Pensions funds had alleged that Countrywide’s chief executive and other
officials had misrepresented the lender’s reliance on sub-prime and adjustable
rate mortgages.

Further reading:

Investors
sue BoA after predatory lending case

Related Articles

KPMG replaces PwC as Croda auditor

Accounting Firms KPMG replaces PwC as Croda auditor

2m Emma Smith, Managing Editor
KPMG rocked by South African corruption scandal

Audit KPMG rocked by South African corruption scandal

3m Alia Shoaib, Reporter
FRC closes KPMG HBOS audit investigation, Treasury Committee expects ‘full explanation’

Accounting Firms FRC closes KPMG HBOS audit investigation, Treasury Committee expects ‘full explanation’

3m Emma Smith, Managing Editor
Deloitte rises in auditor rankings with most FTSE 250 clients

Accounting Firms Deloitte rises in auditor rankings with most FTSE 250 clients

3m Alia Shoaib, Reporter
Latest Big Four auditor changes

Audit Latest Big Four auditor changes

4m Alia Shoaib, Reporter
KPMG fined £4.8m over Miller Energy audit

Audit KPMG fined £4.8m over Miller Energy audit

4m Alia Shoaib, Reporter
NAO takes over from EY as BBC auditor

Audit NAO takes over from EY as BBC auditor

5m Alia Shoaib, Reporter
FRC launches investigation into KPMG’s Rolls-Royce audit

Accounting Firms FRC launches investigation into KPMG’s Rolls-Royce audit

7m Emma Smith, Managing Editor