SVB Investors Warn KPMG of Expanded Claims Over Bank Collapse

KPMG LLP is bracing for an expanded set of investor claims including securities fraud in an ongoing court fight over the Big Four accounting firm’s audits for failed Silicon Valley Bank.

Investors intend to add the fraud claim and to bring an additional audit year under scrutiny in their proposed class action, KPMG said in filings with the US District Court for the Northern District of California on Thursday. The investors are suing underwriters and former executives and directors as well as KPMG.

Bank investors in 2023 sued the auditor over its work vetting of the regional bank’s ...