KPMG agrees to pay $10.5 m to settle lawsuit over audits of Bermuda reinsurer

KPMG (Bermuda) has agreed to pay $10.5 million to settle class action shareholder litigation concerning its audits of Bermuda-based Annuity & Life Re (Holdings) Ltd.
An order approving a provisional settlement agreement was issued by U. S. District Judge Ellen Bree Burns, sitting at the U. S. District Court for the District of Connecticut, on February 19, 2008. The settlement amount was due to be paid by KPMG “within ten business days” of the date of the order. KPMG entered into the settlement without admitting any wrongdoing.