KPMG To Face Investor Class Action Over Miller Energy Audit

Law360 (May 7, 2021, 8:28 PM EDT) -- Accounting giant KPMG will have to face a certified class's claims that it helped the now-defunct Miller Energy Resources Inc. falsify financials about oil and gas assets, a Tennessee federal judge ruled Friday.

U.S. District Judge Thomas A. Varlan overruled KPMG's objections to a federal magistrate judge's report recommending certification for the class of Miller Energy investors, despite the auditor's assertion that it had, among other things, rebutted the presumption that all members of the class had relied on its public statements when deciding to invest.

"Defendant therefore fails to identify what was in error about [the magistrate judge's] reasoning, or...

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