KPMG, Law Firm to Settle Tax Shelter Suit
From Reuters
Big Four accounting firm KPMG and law firm Sidley Austin Brown & Wood have agreed to pay $195 million to investors to settle a lawsuit over questionable tax shelters.
The class action centered on tax shelters sold by KPMG from 1996 to 2002. The same shelters were involved in KPMG’s agreement in August to pay $456 million to settle a federal tax shelter investigation.
The earlier settlement, in which KPMG agreed to make internal changes and to be overseen by an outside monitor, allowed it to avoid a criminal indictment that might have crippled the firm.
