Sufficient Allegations Exist Of Accounting Firm’s Role In Ponzi Scheme, Panel Says

Mealey's (December 3, 2020, 10:06 AM EST) -- NEW YORK — A New York appeals panel on Dec. 1 reversed the dismissal of two insurers’ aiding and abetting fraud lawsuit against KPMG LLP because there are sufficient allegations that the accounting firm had knowledge of a defunct hedge fund’s Ponzi scheme to use a reinsurance company to siphon money from the insurers (Bankers Conseco Life Insurance Company, et al. v. KPMG LLP, No. 2020-02387, N.Y. Sup., App. Div., 1st Dept., 2020 N.Y. App. Div. LEXIS 7341)....