Apr
19
2009
KPMG Has A $1 Billion New Century Problem
Posted by: in Mortgage Loan News, tags: 1 Billion, Collapse, Excerpt From, Financial Crisis, Financial Statements, Financial Times, Jennifer Hughes, Kpmg, Lawyers, Liquidators, Misstatements, New Century, News Sources, Subprime Lender
News Sources wrote an interesting post today on
Here’s a quick excerpt
From Jennifer Hughes in the Financial Times:“KPMG is being sued for $1bn by the liquidators of New Century, the collapsed subprime lender, in the first big case against an auditor arising from the current financial crisis.In a court filing on Wednesday, lawyers for New Century’s liquidators claimed that KPMG “assisted in the misstatements and certified the materially misleading financial statements” filed by the lender. They claim KPMG was responsible for its collapse because it allowed the lend
Here’s a quick excerpt
From Jennifer Hughes in the Financial Times:“KPMG is being sued for $1bn by the liquidators of New Century, the collapsed subprime lender, in the first big case against an auditor arising from the current financial crisis.In a court filing on Wednesday, lawyers for New Century’s liquidators claimed that KPMG “assisted in the misstatements and certified the materially misleading financial statements” filed by the lender. They claim KPMG was responsible for its collapse because it allowed the lend
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