In regard to the collapse of Silicon Valley Bank, KPMG, Goldman Sachs, Bank of America, and Morgan Stanley were all sued.
KPMG was named as the bank’s auditor in a recent investor lawsuit together with underwriters Goldman Sachs Group, Bank of America, Morgan Stanley, and Keefe, Bruyette & Woods over alleged misstatements that caused Silicon Valley Bank (SVB) to collapse. According to Bloomberg, the case is the first to specifically include the bank’s auditors and underwriters and was submitted to the federal court in San Francisco. Due to bets on bonds that lost value when interest rates increased, the SVB collapsed last month. The bank’s venture capital clients started withdrawing their deposits on a large scale, leading to the bank selling…