Malpractice Suit Likely In Wake Of New Century Report

Law360, New York (March 27, 2008, 12:00 AM EDT) -- Armed with a newly released report compiled by New Century Financial Corp.'s bankruptcy examiner, the U.S. trustee in the case will almost certainly bring a malpractice lawsuit against the company's auditor, KPMG, against some of its executives and possibly even against its law firm, O'Melveny & Myers LLP, according to experts following the proceedings.

Judging by the 550-page report, which was unsealed Wednesday by the U.S. Bankruptcy Court for the District of Delaware, the trustee is at least going to very seriously consider a liability suit...
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