KPMG offers lower payout to investors

KPMG offers lower payout to investors

Revised legal settlement offered to tax shelter clients

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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