LONDON Vitesse Semiconductor Corp. (Camarillo, Calif.), a developer of networking ICs, said Monday (June 15) that its former auditing firm KPMG LLP has agreed to pay Vitesse $22.5 million in settlement of a disagreement and renouncing claims on Vitesse for past endebtedness.
In June 2007, Vitesse filed suit against KPMG alleging that KPMG was negligent in auditing the company's stock option grants and financial statements over the period 1994 to 2000. Vitesse later amended its complaint to include the years 2001 to 2004.
The terms of the settlement were reached following mediation before the Hon. Daniel Weinstein (Ret.).
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