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KPMG To Pay $224M To Get Out Of SVB Investor Suit

A building facade with the KPMG logo, white letters over blue squares

By Jessica Corso

Norway's central bank announced Friday that KPMG LLP has agreed to pay $224.5 million to settle a class action in California federal court accusing it of ignoring red flags in auditing Silicon Valley Bank, which collapsed in 2023.


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Top Stories
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    High Court Will Take Up Case Of Goldman Arbitration Denial

    By Vince Sullivan

    The U.S. Supreme Court agreed to take up a case involving a Fourth Circuit decision that denied an attempt by Go...(read more)

  • The letters NCAA appear in black on a hardwood basketball court next to a pair of red shoes
    10th Circ. Lifts Block On New NCAA Eligibility Rule

    By Elaine Briseño

    The Tenth Circuit on Friday reversed a lower court's preliminary decision that would have granted another year o...(read more)

  • McDonald's Falsely Touts 'Sugar Free' Coffee Bevs, Suit Says

    By Rae Ann Varona

    McDonald's "sugar free" McCafé coffee beverages actually have up to 18 grams of sugar due to dairy, consumers alleged Friday in a proposed false advertising class action filed in Illinois federal court, saying the fast-food chain's use of the "sugar free" term violates federal regulations and consumer protection laws.

  • Dem Takeover Points To Reset On College Sports Legislation

    By Alex Lawson

    The looming Democratic takeover of both congressional chambers signals doom for quick action on college sports oversight, with a crowded calendar and the new majority's wishes to reshape the legislation emerging as roadblocks to a Senate-approved bill.

  • Up Next At High Court: Pipeline Takings & H-2A Fines

    By Katie Buehler

    The U.S. Supreme Court will wrap up its November sitting by hearing disputes over whether federal or state law should control how much compensation landowners receive for private condemnations under the Natural Gas Act and if the U.S. Department of Labor can use in-house courts to issue civil penalties for violations of its temporary agricultural worker program. 

  • Medical IT Co. Makes Data Breach Deal With Conn., Mich., NJ

    By George Woolston

    The attorneys general of Connecticut, Michigan and New Jersey on Friday announced a settlement of up to $10 million with companies that they say failed to protect medical data ahead of a March 2023 data breach that affected 13.3 million people.

  • Weil's Corporate Leader, Team Join Cravath

    By Daniel Moritz-Rabson

    A team of prominent mergers and acquisitions partners at Weil Gotshal & Manges LLP, including the attorney who chaired its 600-attorney corporate department, joined Cravath Swaine & Moore LLP on Friday, according to a source with knowledge of the departures. That person requested anonymity to discuss information that had not been publicly confirmed by Cravath.

  • GSK, Moderna End COVID Vaccine Patent Fight In Delaware

    By Craig Clough

    GlaxoSmithKline and Moderna dismissed two Delaware federal patent suits Friday over Moderna's COVID-19 and respiratory syncytial virus vaccines, following a broader settlement in which the companies agreed to license patents to each other.

  • J&J Hit With $1.9M Verdict Over Talc User's Cancer

    By Cara Salvatore

    A Massachusetts jury said Friday that Johnson & Johnson owes $1.9 million for causing the mesothelioma, but not the death, of a former talcum powder user who also had a heart condition.

  • US Legal Sector Jobs Reached Record High In October

    By Tracey Read

    The legal industry's hot streak continued last month, adding 2,400 more jobs in October to reach a record high, according to seasonally adjusted data released Friday by the U.S. Bureau of Labor Statistics.

  • Top Blanche Adviser Among Latest To Exit DOJ

    By Jared Foretek

    A top legal adviser to U.S. Attorney General Todd Blanche announced his departure from the U.S. Department of Justice Friday, becoming the latest in a slew of high-profile resignations from the department since Republicans' midterm election defeat Tuesday night.

  • 2nd Circ. Doubts Aetna's Push To Arbitrate Health Fund Fight

    By Kellie Mejdrich

    The Second Circuit Friday appeared skeptical of Aetna's push to force arbitration of an insurance contract dispute with a multiemployer union health benefit fund, with judges pointing to circuit precedent that arguably undermined Aetna's position.

  • Defeated Texas Justice Being Considered For Federal Bench

    By Courtney Bublé

    With the clock ticking on Republicans' control of the Senate, President Donald Trump is considering putting a Texas Supreme Court justice who just lost reelection on the federal bench.

  • Kirkland Adds 40-Atty Weil Team Led By Ramona Nee

    By Anna Sanders and Daniel Moritz-Rabson

    Kirkland & Ellis LLP announced Friday the addition of 40 attorneys from Weil Gotshal & Manges LLP, including the private equity practice co-leader who was once set to lead the firm.

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Expert Analysis

  • Tracy Garcia
    Full Policy Payment May Not Bar Insurer Bad Faith In 9th Circ.
    Establishing that an insurer acted within its contractual rights likely disposes of a breach-of-contract claim, however, following t... (read more)
  • Shelli Clarkston
    How Banks Can Better Prepare For Wire Fraud Risks
    Recent schemes serve as a reminder that banks can better limit liability for fraudulent wire transfers by documenting commercially r... (read more)
  • Jameel Diaz
    Reggaeton Dispute Tests Boundaries Of Musical Rhythm IP
    Browne v. Donalds, a music copyright dispute currently pending in California federal court, may set significant precedent for whethe... (read more)
  • Jane VanLare
    How Spirit's 1st Bankruptcy Sowed The Seeds Of Its Collapse
    Though Spirit Airlines' first Chapter 11 plan was broadly supported and moved swiftly through confirmation, it avoided using many of... (read more)
  • Nick Cheolas
    FTC's Changing Model Raises Questions About Its Mission
    Federal Trade Commission leaders have recently sketched a vision of an agency that continues an enforcement role distinct from the U... (read more)
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