CORRECTED: KPMG, Ex-Advanta Execs Pay $3.5M To Exit Investor Suit
By Michael Lipkin
Law360, Los Angeles (February 6, 2014, 5:01 PM ET) -- KPMG LLP and former Advanta Corp. executives will pay $3.55 million to settle a putative securities class action alleging the accounting firm, along the defunct credit card company’s directors, concealed dour financials from Advanta investors, according to a motion filed in Pennsylvania federal court Thursday.
The settlement follows extensive discovery and substantial litigation, according to the plaintiffs, involving more than 6 million pages of documents.
“Plaintiffs believe that the settlement represents an excellent result, especially in light of the risks of continued litigation,” the motion for...