PracticeAccounting FirmsKPMG offers deal to tax shelter clients

KPMG offers deal to tax shelter clients

Majority of investors may accept deal

The majority of investors enticed into KPMG’s tax shelter schemes look set to
accept a new compensation offer.

According to the New York Times, KPMG will pay about $150m (£83m) to
209 eligible investors if the deal is approved next month.

The revised settlement will give each investor an average of more than
$700,000 (£388,000).

A deal offering $195m (£108m) in September collapsed after 64 of the 264
investors chose not to take part, saying the agreement did not offer them enough
compensation.

The new deal is likely to see 76% of investors taking part, according to
papers filed in the US District Court in Newark, New Jersey this week.

Last August, KPMG paid $456m (£253m) in a deferred- prosecution agreement
with US prosecutors over certain tax shelter schemes.

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