An appeals court judge has affirmed that KPMG should not be held liable for malpractice under Illinois law after one of its audit clients acquired a dot-com company and subsequently went bankrupt.
The case involved IT consultancy Whittman-Hart, which acquired US Web/CKS in March 2000, and subsequently changed its name to MarchFirst. Whittman-Hart paid the owners of US Web $7 billion in an all-stock deal, but 13 months after the acquisition it declared bankruptcy.
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