Category Archives: New Century

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

Plaintiffs Survive Motions to Dismiss in Major Subprime Class Actions Against New Century and Countrywide


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The American Lawyer has reported that two important rulings were handed down earlier this month in the United States District Court in Los Angeles denying motions to dismiss class actions against former mortgage behemoths Countrywide and New Century. The Countrywide … Continue reading

Posted in bankruptcy, class actions, Countrywide, IndyMac, lawsuits, litigation, loss causation, mortgage fraud, motions to dismiss, New Century | Leave a comment

Countrywide Sued by New Mexico Pension and Investment Funds


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The Chicago Times reports that Countrywide has been sued on behalf of New Mexico’s state Investment Council, the Educational Retirement Board and the Public Employees Retirement Association for both conning homeowners into mortgages they could not afford and duping investors … Continue reading

Posted in acquisitions, Countrywide, IndyMac, lenders, litigation, New Century, predatory lending, securities | Leave a comment