Final approval for KPMG settlement
Judge approves payment to tax shelter investors
KPMG’s $154m (£82m) settlement of a class-action lawsuit brought against the
firm for its role in selling tax-shelter products later deemed improper by the
Internal Revenue Service has received final approval.
A federal judge approved the scheme in New Jersey, although 50 plaintiffs
opted out of the scheme and will pursue their own individual cases.
KPMG escaped a potential criminal indictment related to the matter last year
when it entered into a deferred-prosecution agreement with the government and
agreed to pay a $456m (£243m) fine.
A spokesman for KPMG said the firm was ‘pleased the court has upheld the
fairness of our negotiated resolution’.