KPMG offers lower payout to investors

Investors who bought into improper tax shelters designed by KPMG will be paid
a total of $154m (£82m) under a revised legal settlement, according to reports.

This is substantially less than the $195m (£103m) first proposed last year,
but follows the decision of 61 investors to opt out of the original settlement.

Under the new terms, 55 investors will not join the class-action settlement
with many suing KPMG individually.

The settlement covers about 250 investors.

KPMG agreed in August to pay $456m (£242m) to avoid US criminal prosecution,
saying in a settlement with the US Justice Department that its shelters helped
wealthy Americans avoid at least $11.2bn (£5.96bn) in taxes

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