“The District Court has overturned the HQ dispute, which is gratifying,” says lawyer Torgny Wetterberg.

Background

KPMG were auditors for HQ AB and HQ Bank. At the end of the summer 2010, the Swedish Financial Supervisory Authority withdrew HQ Bank’s license.

KPMG’s position has always been that the audits were carried out in compliance with good accounting practice. The Supervisory Board of Public Accountants, which is the examining authority, has already made a detailed, comprehensive examination of the audit of HQ AB and HQ Bank, and found that the audits of HQ and HQ Bank were conducted in compliance with generally accepted auditing practice. A verdict of acquittal in the criminal case was delivered by Stockholm District court in June 2016, and with today’s ruling, the civil dispute case is also closed.

The civil case took place in Stockholm District Court between November 2016 and June 2017.

For additional information, please contact:

Torgny Wetterberg, KPMG’s legal representative, A1 Advokater, +46 72-236 39 06, torgny.wetterberg@a1advokater.se