KPMG Peat Marwick Fined $3 Million: A...
From Times Staff and Wire Reports
KPMG Peat Marwick Fined $3 Million: A jury in Chicago set the fine against the accounting firm for failing to uncover in an audit the bad business practices of a defunct real estate syndicator, lawyers said. Two Illinois investors who sank $1 million into the failed Oklahoma real estate firm PEPCO were awarded $1 million in actual damages and $2 million in punitive damages by a U.S. District Court jury late last week, the investors’ lawyer said. Lawyers for New York-based Peat Marwick have said they will appeal the verdict.
