KPMG, Credit Suisse Leaders Sued for ‘Reckless’ Bank Management

KPMG LLP allegedly helped Credit Suisse Group AG‘s directors and officers “recklessly” mismanage and “plunder” the bank for more than a decade before its collapse in March, according to a new complaint.

Stockholder Gregory Stevenson is directly suing 29 of Credit Suisse’s current and former directors and officers, its four New York-based units, and its ex-auditor KPMG on behalf of a proposed class of investors. Stevenson filed his complaint May 28 in the US District Court for the Southern District of New York.

KPMG knew that Credit Suisse lacked sufficient internal controls for more than 15 years, while certifying ...