Nordlandsbanken has joined the queue of institutions suing accounting giant KPMG for losses suffered in connection with the Finance Credit scandal. The Bodoe-based bank was the hardest hit by the Finance Credit collapse, and lost its independence earlier this year.
Nordlandsbanken, now part of the DnB (Den norske Bank) system, is suing KPMG for NOK 488 million (US$70m) plus interest. The bank joins five others, making the total damages sought against KPMG NOK 1.35 billion.
The accounting firm is a global giant, with 100,000 employees worldwide, and 800 in Norway. The company is covered by a global insurance policy, and KPMG Norway boss Arne Frogner has previously said that he did not believe lawsuits could topple the firm.
