Accounting giant KPMG agreed to pay $35 million to a class of Miller Energy Resources Inc. investors who said the firm helped the now-defunct company falsify financials about oil and gas assets, according to a proposed settlement in Tennessee federal court.
The class asked the court to approve the settlement Monday, arguing that the agreement follows an extensive, six-year litigation process that included discovery and lengthy negotiations between the parties.
During that six years, the settling parties thoroughly briefed three motions by KPMG to dismiss the case, plaintiffs' class certification motion and others. Because of those extensive and thorough negotiations, the class said there was no doubt the terms of the settlement were adequate.
"In sum, nothing during the settling parties' negotiations of the terms of the settlement reveals any grounds to doubt the fairness of the settlement," the class said.
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The investors are represented by Steven J. Toll, Jan Messerschmidt and Laura H. Posner of Cohen Milstein Sellers & Toll PLLC and Gordon Ball of Gordon Ball PLLC.
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