Reuters and Financial Week are both reporting on New Century's (or what's left of it) lawsuit against KPMG that was filed today in Los Angeles and New York. The plaintiffs are seeking $1 Billion in damages.
One highlight mentioned is an excerpt from an email that the engagement partner sent to a specialist working on the engagement, “As far as I am concerned, we are done. The client thinks we are done. All we are going to do is piss everybody off.”
This was sent the night before the 10-K was to be issued. This is not a surprising statement or situation for anyone that has worked in a FB4 atmosphere. Integrity at its best people.
Not sure what's going to come of this but you'll be sure to get updates.
KPMG faces fallout from New Century [Financial Week]
KPMG hit with lawsuit over New Century collapse [Reuters]
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Wednesday, April 1, 2009
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