Category Archives: KPMG

Latest Gatekeeper Litigation: City of San Buenaventura Sues Deloitte Over WAMU Subprime Collapse


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Following on the heels of the lawsuits against KPMG by New Century’s debtors for contributing to the collapse of the mortgage giant, accounting firm Deloitte & Touche (D&T) and the officers and directors of Washington Mutual Bank (WAMU) have been … Continue reading

Posted in accounting, auditing, Deloitte and Touche, Ernst and Young, gatekeeper litigation, incentives, KPMG, Lehman Brothers, loss causation, ratings agencies, subprime, WaMu | Leave a comment

New Century Debtors’ Complaints Against KPMG Now Available


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The two complaints filed April 1 against KPMG, one against the U.S. arm of the Big Four accounting firm in federal court in Los Angeles and the other in federal court in New York against its parent, KPMG International, are … Continue reading

Posted in accounting, bankruptcy, causes of the crisis, Complaints, damages, KPMG, lawsuits, loss causation, negligence and recklessness, New Century, subprime | Leave a comment

KPMG Sued for $1 Billion Over New Century Meltdown


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Two separate lawsuits were filed yesterday against Netherlands-based Big Four accounting giant, KPMG International, and its U.S. subsidiary, KPMG LLP, alleging that KPMG conducted “reckless and grossly negligent audits” that contributed to the collapse of top subprime lender New Century … Continue reading

Posted in accounting, auditing, bankruptcy, causes of the crisis, incentives, KPMG, lawsuits, loss causation, negligence and recklessness, New Century | Leave a comment