US district judge Lewis Kaplan will hear arguments early next month over
whether KPMG should pay the legal fees of 16 former partners in the billion
dollar tax shelters case.
The government has been criticised by Kaplan for putting pressure on the firm
to cut off fees to pay the partner’s legal defence.
Lawyers for the former partners have called KPMG’s demand to arbitrate their
fee claims ‘unconscionable’ saying the government had put deliberate pressure on
the firm to do so.
18 defendants, including 16 former KPMG partners are accused of cheating
federal tax collectors out of $2.5bn (£1.3bn) by setting up shelters to allow
hundreds of KPMG clients create fake tax losses.
In late July, KPMG filed a motion to dismiss the civil lawsuit, and called
for arbitration of the fee claims.
Revenue and profitability growth in on the rise for CPA firms, found a survey from the American Institute of CPA’s and its subsidiary CPA.com
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Carter Backer Winter has acquired Edwards Financial Services, expanding its financial planning department
New growth opportunities in Aberdeen, North East Scotland, are being invested in by Grant Thornton