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Jury Favors KPMG in Suit Brought by Common Fund NEW YORK, Oct. 19, 2000 (SmartPros) After a two-week trial here, a federal jury ruled in favor of KPMG and concluded that the firm was not responsible for $137.6 million in losses sustained by a non-profit manager of college endowment funds, according to a newswire report. Tuesday's verdict put to rest a four-year-old suit brought against the firm by Wilton, Conn.-based Common Fund for Non-Profit Organizations, a group that oversees $26 billion in assets for 1,500 colleges and universities, according to a Dow Jones report. The fund accused KPMG of negligence and breach of contract for supposedly failing to detect unauthorized trades made by one of the fund's outside investment managers, First Capital Strategists, which resulted in a heavy loss for the fund, said Dow Jones. KPMG argued that is should not be held accountable for First Capital's dealings and that it completed its assignment for the fund, Dow Jones reported. The jury found that Common Fund hadn't shown enough evidence that KPMG acted negligently or breached its contract and ruled in favor of the firm, said Dow Jones. -- SmartPros News Staff Send Comments to information@smartpros.com |
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