KPMG faces $1.4-billion lawsuit for alleged function in Bridging Finance’s collapse

KPMG commenced auditing the monetary statements of Bridging Finance’s major fund, then identified as the Sprott Bridging Money Fund, in 2016, then took over the auditing role of all of Bridging’s cash by 2019.BENOIT TESSIER/Reuters

Bridging Finance Inc.’s receiver is suing KPMG LLP for $1.4-billion, alleging the accounting business unsuccessful to sufficiently audit the non-public personal debt supervisor ahead of its collapse in 2021.

In a lawsuit submitted with the Ontario Exceptional Court docket, PricewaterhouseCoopers Inc., the receiver, alleges that “throughout KPMG’s tenure, the Bridging funds materially misrepresented the worth of their assets and fiscal functionality. KPMG negligently unsuccessful

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