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KPMG Pays $115 Million to Settle Suit

Stemming from the collapse of software company Lernout & Hauspie Speech Products NV.

> > This is not the first time KPMG has shelled out money to settle a shareholder lawsuit stemming from its audit work. In March 2003, the firm agreed to pay $125 million to settle class-action lawsuits related to its audit of Rite Aid, which in the late 1990s overstated earnings by $1.6 billion. The same day, it also agreed to pay $75 million to settle suits stemming from its audit of Oxford, which was accused by regulators of failing to restate second-quarter results in 1997 to correct erroneously recorded revenue.
Source: CFO


Published:2004-10-14
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