Aussie Regulator Sues KPMG Over Collapse

Law360, New York (October 13, 2008, 12:00 AM EDT) -- The Australian Securities and Investment Commission has sued accounting firm KPMG LLP in an attempt to recover $200 million for shareholders who lost money in the 2006 collapse of Westpoint Group.

ASIC said Monday that the civil suit — which was filed in the Supreme Court of Victoria under a law that allows the regulator to sue for damages in the public interest — could benefit up to 80 percent of Westpoint Group’s investors.

“ASIC sees a clear public interest in using its powers in these...
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