Friday, February 24, 2012

KPMG Settlement - What to do?

Documents from RSM Richter have been delivered (or should have been - they are linked from the previous post if you need them). We all have to decide how we wish to respond to the proposal from KPMG with RSM Richter. As you know, there is also a Class Action Lawsuit which has been filed against KPMG for what amounts to negligence in their duties as auditors in reviewing Norshield's financial statements.If the majority of Norshield Victims choose to support the KPMG settlement with RSM Richter, then the class action suit would be in jeopardy.

Lately, i have had very little time to devote to Norshield and I have spent it discussing issues with other Norshield victims. The original lawyer handling the two class action lawsuits was unable to continue his work. One particularly hard working victim has found, identified, interviewed and secured an excellent lawyer to take up the class action cases.

As you likely know, voting to accept the KPMG settlement with RSM means that the class action can not proceed. It is clear to me that the only reason KPMG is willing to settle is because they know they would suffer a much larger loss if the class action suit proceeded. Reaching a settlement with RSM Richter is the lesser evil for a guilty KPMG.

If you have not already submitted your response to RSM, you must do so before Tuesday, February 28th at 5:00 pm Eastern time.

Vote in support of what you feel is right.

I know you are interested in the RBC Class Action Lawsuit. This is not affected by the KPMG proposal. Initial feedback by selected law firms showed that they felt there is merit in pursuing this case. 

If you choose to attend the Meeting on February 29th, come and introduce yourself as i will be promoting the web site outside the meeting so that Norshield victims have a means of sharing information and a way of communicating with each other.