2nd Circ. Lets KPMG, E&Y Walk From Madoff Audit Suits
By Lana Birbrair
Law360, New York (July 10, 2012, 4:55 PM ET) -- The Second Circuit on Tuesday upheld the dismissal of KPMG LLP and Ernst & Young LLP from a suit and a class action brought against the accounting firms over their alleged failures to audit Tremont Group Holding Inc. and others, which ran several feeder funds to Bernard Madoff's Ponzi scheme.
A three-judge panel upheld lower court findings letting KPMG, a Cayman Islands affiliate and Ernst & Young escape a suit brought by hedge funds connected with Meridian Horizon Fund LP and a putative class action launched...