KPMG Says It Was Victim Of ShengdaTech Fraud

Law360, New York (November 27, 2013, 4:14 PM EST) -- A unit of KPMG LLP recently said it should be dismissed from shareholder litigation over a failed Chinese calcium carbonate manufacturer, telling a New York federal court that much like the investors seeking to recover for stock losses, the accounting firm was a victim of the alleged fraud.

In a memorandum filed Nov. 25 in federal district court in Manhattan, KPMG-Hong Kong said the investors suing over the failure of ShengdaTech Inc. had failed to argue any specific facts that the accounting firm must have known...
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