Filed in archive litigation by leon on April 25, 2007

At the end of last year I looked at how the Fannie Mae scandal had turned into litigation city with the mortgage giant suing its auditor KPMG and regulators going for the group's former leaders.

Now, as expected, KPMG has hit back. It is suing Fannie Mae for "fraudulent deception", reports Bloomberg.

Whereas Fannie Mae reckons KPMG is guilty of "accounting malpractice", the auditors have accused Fannie Mae of not disclosing information and of "repeatedly, systematically and intentionally" misleading them.

Just your standard corporate catastrophe - one side blaming the other. This will take years to sort out.

Related Entries:

Accounting and shell games - 16 March 2006
Fannie Mae's flim-flam flayed - 25 May 2006
KPMG sued for bad numbers on Fannie Mae - 15 December 2006
Fannie Mae now a lawyers' picnic - 19 December 2006
Fixing Fannie Mae and Freddie Mac: the world waits - 14 July 2008

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Permalink: Fannie Mae: more of the lawyers' picnic

Tags: KPMG Fannie Mae lawsuit fannie business more lawyers+picnic more+lawyers fannie+more

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Vote for Fannie Mae: more of the lawyers' picnic:

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Response from: BizzBites.com

The lawyers’ picnic at Fannie Mae continues. Lawsuits are flying everywhere and now the auditors at KPMG are suing Fannie Mae for withholding information.

Response from: IndianPad

Fannie Mae: more of the lawyers' picnic posted at IndianPad.com

Response from: news.fatpitchfinancials.com

The lawyers� picnic at Fannie Mae continues. Lawsuits are flying everywhere and now the auditors at KPMG are suing Fannie Mae for withholding information.

Response from:

The lawyers’ picnic at Fannie Mae continues. Lawsuits are flying everywhere and now the auditors at KPMG are suing Fannie Mae for withholding information.