KPMG Settles Suit by Rite Aid Shareholders
- Share via
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
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
