Todays Date:  
   rss

The Supreme Court says the Florida courts should reconsider whether arbitration is required for claims against an auditing firm that worked on a fund that invested with Bernie Madoff.

The high court on Monday reversed a decision by a Florida appeals court. KPMG was sued by investors in the Rye Funds, which lost millions of dollars to Madoff's Ponzi scheme. KPMG was the auditor for the Rye Funds, and the investors said the company did not use proper auditing standards.

KPMG says its contract requires arbitration but the state courts would not allow it.

The Supreme Court ruled that the Florida courts only looked at part of the claims being brought against KPMG. The high court ordered the lower courts to investigate all of the claims before making a decision.
 


Law Promo's specialty is law firm web site design. Law Firm Website Designer by Law Promo

© LLP News. All Rights Reserved.

The content contained on the web site has been prepared by Breaking Legal News.
as a service to the internet community and is not intended to constitute legal advice or
a substitute for consultation with a licensed legal professional in a particular case or circumstance.