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Judge finds for KPMG Peat Marwick in Renaissance litigation.

Chief Judge William C. O'Kelley of the U.S. District Court for the Northern District of Georgia dismissed all claims against KPMG Peat Marwick in litigation that followed the 1986 collapse of the Renaissance Investment Corp. In a 151-page dismissal order, Judge O'Kelley held that "Peat Marwick did not breach any duty owed to the plaintiffs."

More than 100 plaintiffs claimed Peat Marwick's accounting work on two of Renaissance's limited partnership offerings violated securities laws and Racketeer-Influenced and Corrupt Organizations Act statutes and constituted professional negligence. Renaissance owned and attempted to renovate several landmark buildings in midtown Atlanta, including the Biltmore hotel.
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Publication:Journal of Accountancy
Article Type:Brief Article
Date:Jun 1, 1993
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