Vitesse, KPMG Settle Negligence Suit For $22.5M

Law360 (June 15, 2009, 12:00 AM EDT) -- Booted from the Nasdaq stock exchange in 2006 because of problems with its stock options grants, software maker Vitesse Semiconductor Corp. said Monday it had reached a $22.5 million settlement with its former auditor in a lawsuit stemming from the irregularities.

According to a filing Monday with the U.S. Securities and Exchange Commission, California-based Vitesse sued KPMG LLP in June 2007 in the Superior Court for the County of Los Angeles claiming negligence in the audit of the software maker's stock option grants and financial statements between 1994 and 2004.

Under the terms of the settlement agreement, KPMG has agreed to...

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