KPMG To Pay $35M To Settle Investor Claims Over Inflated Oil, Gas Valuations

Mealey's (July 13, 2022, 1:19 PM EDT) -- KNOXVILLE, Tenn. — A federal judge in Tennessee on July 12 issued a pair of orders granting final approval of a $35 million settlement and awarded class counsel more than $11.5 million in fees in a securities class action against KMPG LLP over the auditor’s alleged assistance given to an oil and gas exploration company’s scheme to defraud investors out of millions of dollars by overly inflating valuations of Alaskan oil and gas assets the company owned....