Advanta, KPMG Can't Dodge Shareholder Class Suit

Law360, New York (July 17, 2012, 8:27 PM EDT) -- A Pennsylvania federal judge on Monday breathed new life into a class action accusing directors of defunct credit company Advanta Corp. and its outside auditor KPMG LLP of hiding the company's bleak finances from investors, reviving an amended suit that had largely been nixed in September.

In an opinion issued Monday, U.S. District Judge Cynthia M. Rufe refused to toss allegations that Advanta and KPMG misstated the company's loan loss reserves in the run-up to a $500 million unsecured debt offering in 2009, putting the burden...
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Case Information

Case Title

UNDERLAND v. ALTER et al


Case Number

2:10-cv-03621

Court

Pennsylvania Eastern

Nature of Suit

Other Statutes: Securities/Commodities

Judge

CYNTHIA M. RUFE

Date Filed

July 23, 2010

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