KPMG to pay $153 million to former clients in tax shelter class action settlement Joshua Pantesco at 2:52 PM ET
[JURIST] A federal judge on Friday approved a $153 million settlement between tax firm KPMG [corporate website] and 200 of its former clients in a class action lawsuit based on illegal tax shelters sold by the firm from 1996 to 2002 which were categorized as abusive by the IRS [press release]. The settlement, preliminarily approved by US District Court Judge Dennis M. Cavanaugh on October 31, covers the transaction costs paid by clients to KPMG, but not the fines and penalties the clients have since paid to the IRS.
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