After a news hiatus of some two years, KPMG and Insurance Coverage Issues surrounding its Director's and Officer's Liability Coverage have returned to the news and to the Courts.
Former KPMG partner David Greenberg was "charged with using tax shelters to help wealthy people escape more than $1 billion in taxes." W.J. Hennigan, "Former KPMG Partner Sues Accounting Firm for $30 Million" (Los Angeles Times Online at latimes.com, Saturday, October 3, 2009). Mr. Greenberg was acquitted.
Alleging that he had to pay his own Attorney's Fees in order to defend himself, and that he suffered other Damages also as a result of KPMG refusing to foot his defense bill, Mr. Greenberg has filed suit in Los Angeles County Superior Court against KPMG for $30 Million. Here is a link to the fee-required service of the Court to access the documents filed since the Complaint was filed on or about October 1, 2009.
The linked newspaper article provides Mr. Greenberg's breakdown of the $30 Million he seeks from KPMG in this matter:
Mr. Greenberg alleges that he incurred Ten Million Dollars or $10,000,000.00 in Attorney's Fees.
"Greenberg's lawsuit also seeks an additional $20 million for defamation and emotional distress from spending five months in jail." William Hennigan, supra.
Many of the issues inherent in Mr. Greenberg's current lawsuit against KPMG were previously examined in this space as they were happening in the news and in the Courts, most recently in 2007 before now, including posts here on May 25, June 10, June 12, June 26, July 3, and July 17, 2007.
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