The 7th Circuit issues an important opinion on loss causation in accounting malpractice case.

The Court affirms summary judgment in favor of Figliulo & Silverman's client, KPMG, against a bankruptcy Trustee who sought over $600 million in damages based on a damage theory, which the Court rejected as "outlandish". After 4 years of litigation this case was brought to a successful conclusion. The Court went on to issue a separate opinion ordering the Trustee's counsel to pay KPMG's attorneys' fees and expenses as a sanction for a frivolous appeal.

Figliulo & Silverman represented defendant KPMG before the District Court and the Seventh Circuit Court of Appeals. Attorneys responsible for defending KPMG in this matter included James R. Figliulo, Michael K. Desmond, James H. Bowhay, and Catherine M. Towne.