A $178 million settlement in a class action against accounting firm KPMG and law firm Sidley Austin Brown & Wood, for allegedly selling fraudulent tax shelter strategies, won final approval Friday.
U.S. District Judge Dennis Cavanaugh had given preliminary approval to a $225 million deal last fall, but in February, the defendants withdrew it because too many class members opted out. The new deal will pay $154 million to about 250 class members and $24.6 million to their counsel, versus $195 million and $30 million under the earlier deal. Class members’ shares vary based on how much shelters cost them and whether their claims are time-barred.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
