KPMG US close to $24m Countrywide settlement

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.

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