John Burke

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KPMG agrees to pay $10.5 m to settle lawsuit over audits of Bermuda reinsurer

March 10, 2008
KPMG (Bermuda) has agreed to pay $10.5 million to settle class action shareholder litigation concerning its audits of Bermuda-based Annuity & Life Re (Holdings) Ltd. An order approving a provisional settlement agreement was issued by U. S. District Judge Ellen Bree Burns, sitting at the U. S. District Court for the District of Connecticut, on February 19, 2008. The settlement amount was due to be paid by KPMG "within ten business days" of the date of the order. KPMG entered into the settlement without admitting any wrongdoing.

KPMG (Bermuda) suspects class action plaintiff may have received illegal payment

July 12, 2007
Did a major U. S. law firm illegally pay a Bermuda-based investment firm to serve as lead plaintiff in a class action lawsuit against KPMG (Bermuda) regarding its audits of Annuity & Life Re (Holdings) Ltd.?That's what KPMG wants to know before discovery winds up in an action at the U. S. District Court for the District of Connecticut. However, rather than answer that and other questions, the investment firm, Midstream Investments Ltd., has filed an eleventh-hour motion to withdraw from the case entirely and for a protective order to avoid being forced to provide evidence.

Six class action lawsuits filed against Annuity & Life Re

December 31, 2002
No fewer than six class action lawsuits were filed against Annuity & Life Re (Holdings) Ltd. in December, 2002 at federal court in Connecticut.The complaints, which will eventually be consolidated into one action, were filed less than a month after the firm announced it was re-stating its financial results for 2001, 2001 and the first half of 2002, causing its share price to plummet by as much as 44 per cent.