KPMG Loses 2nd Bid To Nix Advanta Shareholder Class Action

Law360, New York (September 18, 2012, 7:21 PM EDT) -- A Pennsylvania federal judge on Tuesday affirmed her decision to revive an amended securities class action alleging directors of defunct credit card company Advanta Corp. and its auditor KPMG LLP concealed Advanta's bleak finances from investors, saying the plaintiffs' allegations were sufficiently pled.

In denying KPMG's motion for reconsideration of her July 16 decision refusing the auditor's attempt to have the suit tossed, U.S. District Judge Cynthia Rufe rejected KPMG’s argument that she committed “a clear error of law that needed to be corrected to prevent...
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