KPMG Settles Accounting Fraud Class Action

Law360, New York (August 31, 2010, 4:44 PM EDT) -- A federal judge has given her initial stamp of approval to a $1.75 million settlement of a consolidated class action brought by former Allou Healthcare Inc. shareholders who accused auditors KPMG LLP and Arthur Andersen LLP of failing to discover accounting fraud at the bankrupt pharmacy products provider.

Judge Joanna Seybert of the U.S. District Court for the Eastern District of New York signed off on an amended order preliminarily approving the settlement on Monday and scheduled a hearing to consider final approval of the agreement...
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