KPMG Ran Without License, Suit Says

Law360, New York (July 30, 2007, 12:00 AM EDT) -- Two investment firms have filed a lawsuit alleging accounting giant KPMG plied its trade in Texas without a valid license for 15 years.

In a putative class action filed Thursday, NC Ventures Inc. and St. James Capital Partners LP claim the auditors intentionally neglected to obtain a license to practice public accounting in the Lone Star state from 1984 to 1999, in violation of the Texas Public Accountancy Act.

The complaint, lodged in the U.S. District Court for the Western District of Texas on behalf of...
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