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JUDGMENT ENTERED IN SNYDERGENERAL AGAINST KPMG PEAT MARWICK

 JUDGMENT ENTERED IN SNYDERGENERAL AGAINST KPMG PEAT MARWICK
 DALLAS, June 16 /PRNewswire/ -- Judgment was entered in the amount of $12,224,352.67 in favor of Dallas-based SnyderGeneral Corporation against the international accounting firm of KPMG Peat Marwick.
 SnyderGeneral Corporation obtained a jury verdict on April 29, 1992, in state district court in Dallas after the jury found that Peat Marwick was negligent. In addition to awarding actual damages, the jury also determined that Peat Marwick's conduct amounted to gross negligence and awarded exemplary damages in the amount of $2,327,533.
 SnyderGeneral filed suit in December 1990 alleging that Peat Marwick gave SnyderGeneral erroneous tax advice in 1986 regarding a proposed transfer of assets from SnyderGeneral to a subsidiary. Pursuant to Peat Marwick's advice, SnyderGeneral proceeded with the asset transfer and reported the transaction as non-taxable on its federal income tax return.
 The Internal Revenue Service subsequently audited the return and asserted that the transaction was a taxable sale or exchange. SnyderGeneral ultimately settled the issue with the Internal Revenue Service and sued Peat Marwick for damages.
 SnyderGeneral Corporation is an $850 million-plus, privately-held manufacturer of heating, ventilating, air conditioning, air filtration and air pollution control products. The company is an established leader in the HVAC/filtration industries and serves the global market with more than 30 manufacturing facilities worldwide.
 SnyderGeneral brands include McQuay, AAF and Wesper commercial HVAC equipment; BarryBlower and JennFan commercial and industrial fans; AAF air filtration and air pollution control products; and McQuayService, SnyderGeneral's service arm to the industry.
 -0- 06/16/92
 /CONTACT: Robert Lloyd Snyder, vice president-corporate development, of SnyderGeneral Corporation, 214-754-0500/ CO: SnyderGeneral Corporation; KPMG Peat Marwick ST: Texas, New York IN: SU:


LD -- NY085 -- 0831 06/16/92 16:45 EDT
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Publication:PR Newswire
Date:Jun 16, 1992
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