TaxPersonal TaxRuling expected on tax shelter settlement

Ruling expected on tax shelter settlement

Federal judge to rule on $153.9m (£82.7m) KPMG settlement

A federal judge will decide early this week whether or not to approve KPMG’s
offer of $153.9m (£82.7m) in compensation to about 200 former clients who used
its ‘abusive’ tax shelter scheme.

US district judge Dennis Cavanaugh said on Friday, he would give his ruling
‘soon’ after hearing nearly three hours of argument from around 18 lawyers, in
what is regarded as an extremely complicated tax case.

Cavanaugh said he would give a written opinion on the matter, which he said
would help other judges understand the issues surrounding the class-action
lawsuit brought by wealthy KPMG clients.

The judge has already granted preliminary approval to the deal between the
tax shelter clients and the Big Four firm.

The shelters cost the US government $2.5bn (£1.35bn) in lost taxes, making it
one of the biggest tax cases of all time.

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