Sunday, June 14, 2009

Vitesse Announces Settlement With KPMG

Vitesse Semiconductor has reached a settlement with its former auditing firm KPMG LLP. Under the settlement, KPMG has agreed to pay Vitesse $22.5 million and forgive all past indebtedness. Additionally, the parties agreed to execute mutual general releases of all claims.

In June 2007, the company filed suit against KPMG alleging that KPMG was negligent in auditing the company's stock option grants and financial statements during the years 1994 to 2000. The Company later amended its Complaint to include the years 2001 to 2004.