We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

KPMG Sues Fannie Mae Over Misrepresentations

Law360 (April 23, 2007, 12:00 AM EDT) -- Mortgage giant Fannie Mae intentionally withheld information from auditor KPMG, causing the accounting firm to approve financial reports that it otherwise would not have, according to a new lawsuit filed against Fannie Mae by KPMG.

The lawsuit, filed Friday in the U.S. District Court for the District of Columbia, accuses Fannie Mae of breach of contract and fraudulent misrepresentation, and alleges that the government-sponsored mortgage lender “repeatedly, deliberately, and recklessly provided misleading information to KPMG.”

The accounting firm claims that in reviewing Fannie Mae’s financial statements,...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.