First Republic Bank has been sued by shareholders who accused the beleaguered U.S. regional bank of concealing how rising interest rates threatened its business model by prompting an exodus of deposits.
First Republic and KPMG did not immediately respond on Tuesday to requests for comment. Michael Roffler, First Republic's chief executive, is among the other defendants.
The lawsuit said First Republic's 2020 annual report, which included an audit report signed by KPMG, "downplayed and concealed the likelihood and extent of the risks posed to the company by potential increases to interest rates, any related changes in deposit mix, and resulting deposit outflows."
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