Lender Urges 2nd Shot At Proving KPMG Aided $525M Fraud

Law360, New York (December 2, 2016, 10:30 PM EST) -- GSP Finance LLC on Friday asked a New York state appeals court to give it a second chance to prove KPMG LLP helped private equity investor Tom Hicks cheat lenders out of $525 million in debt, saying the lower court should have allowed it to amend its complaint and to introduce the accounting firm’s internal audit manual.

A Manhattan jury in September cleared KPMG of fraud, aiding and abetting fraud, and civil conspiracy claims alleging the accounting firm shifted assets around while preparing an audit for Hicks Sports, so that former Texas Rangers and Dallas Stars owner Tom Hicks wouldn't exceed...

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