Advanta, KPMG Nix Most Shareholder Class Claims

Law360, New York (September 13, 2011, 2:41 PM EDT) -- Former directors of defunct credit card company Advanta Corp. and its outside auditor KPMG LLP on Friday managed to nix most claims in a Pennsylvania class action alleging they hid the company's bleak financial outlook from investors.

U.S. District Judge Cynthia M. Rufe dismissed all the claims against auditor KPMG and most of those against the Advanta directors and executives, including CEO Dennis Alter and President William Rosoff, finding the shareholder plaintiffs had largely failed to tie the defendants' alleged misstatements and omissions to their losses....
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