KPMG Settles Suit by Rite Aid Shareholders
From Bloomberg News
KPMG agreed to pay $125 million to settle a suit filed by shareholders of Rite Aid Corp., which restated $1.6 billion in profit.
KPMG, the former auditors for Rite Aid, said it was settling to avoid protracted litigation. Three former top Rite Aid officers face a trial in June on charges of accounting fraud, and a fourth has pleaded guilty. KPMG resigned as the company’s auditor in November 1999.
KPMG also agreed to pay $75 million to settle a suit that alleged it helped Oxford Health Plans Inc. misstate finances. KPMG also denied wrongdoing in that case.
From Bloomberg News
