Tag: collapse

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

Christina Lobo
KPMG faces .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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Investment decision quality bond-industry sees worst patch considering that Lehman Bothers collapse

Christina Lobo
Investment decision quality bond-industry sees worst patch considering that Lehman Bothers collapse

Only two other details in the around 45-12 months history of the U.S. financial commitment-grade company bond industry have been this undesirable for returns, in accordance to BofA International.

Analysts at the bank pegged the sector’s negative -10.5% return so significantly this yr as its 3rd-worst stretch on document, eclipsed most not too long ago by its minus -14.3% efficiency from August and October of 2008, following the collapse of fabled Lehman Brothers investment decision bank.

In advance of the shock of the world wide economical disaster, the up coming-worst time period for expense-quality corporate bonds was its minus -11.5%

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Allianz fires two supervisors in wake of investment fund collapse

Christina Lobo
Allianz fires two supervisors in wake of investment fund collapse

The emblem of insurance provider Allianz SE is witnessed on the company developing in Puteaux at the economical and small business district of La Defense near Paris, outside the house Paris, France, May perhaps 14, 2018. REUTERS/Charles Platiau/File Image

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FRANKFURT, Feb 21 (Reuters) – Allianz (ALVG.DE) has dismissed two asset professionals who oversaw a group of expense resources that collapsed right after racking up massive losses when the spread of coronavirus brought on wild market swings, according to regulatory filings.

The downfall of the $15 billion Structured Alpha money has

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