Spiegel Creditors to Sue KPMG, Claim 'Professional Malpractice'

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Spiegel Inc.'s creditors have been given approval by a federal judge to sue KPMG LLP for certain alleged missteps that cost Spiegel at least $100 million before it filed for bankruptcy, Spiegel spokesman Jim Brewster said yesterday.


KPMG was hired to audit Spiegel's 2000 and 2001 financial statements. Spiegel, Downers Grove, IL, filed for bankruptcy in March 2003. Later that year, it was determined that Spiegel failed to reveal its financial difficulties to investors.


Spiegel's committee of unsecured creditors said it will sue KPMG, alleging "professional malpractice," the Chicago Tribune said yesterday.


"KPMG remains confident that it acted appropriately at all times and stands by its actions in this matter," spokesman Tom Fitzgerald told the newspaper.


Chantal Todé covers catalog and retail news and BTB marketing for DM News and DM News.com. To keep up with the latest developments in these areas, subscribe to our daily and weekly e-mail newsletters by visiting www.dmnews.com/newsletters


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