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BUSINESS
October 1, 2005 | From Reuters
Big Four accounting firm KPMG and law firm Sidley Austin Brown & Wood have agreed to pay $195 million to investors to settle a lawsuit over questionable tax shelters. The class action centered on tax shelters sold by KPMG from 1996 to 2002. The same shelters were involved in KPMG's agreement in August to pay $456 million to settle a federal tax shelter investigation.
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BUSINESS
October 1, 2005 | From Reuters
Big Four accounting firm KPMG and law firm Sidley Austin Brown & Wood have agreed to pay $195 million to investors to settle a lawsuit over questionable tax shelters. The class action centered on tax shelters sold by KPMG from 1996 to 2002. The same shelters were involved in KPMG's agreement in August to pay $456 million to settle a federal tax shelter investigation.
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BUSINESS
November 1, 2005 | From Associated Press
A federal judge on Monday gave preliminary approval to a $225-million settlement that accounting giant KPMG and a law firm have reached with about 275 former clients who used its tax shelters, lawyers in the case said. The case is among dozens of lawsuits brought by former KPMG clients in state and federal courts around the nation. According to KPMG's deferred-prosecution agreement with federal prosecutors, KPMG sold the four shelters to 601 wealthy people from 1996 to 2002.
BUSINESS
December 24, 2002 | From Reuters
Former clients have sued accounting firm Ernst & Young and two law firms for more than $1 billion for allegedly convincing them to enter into illegal tax shelters, the law firm representing the plaintiffs said in a statement Monday. The lawsuit alleged that the firms convinced more than 50 clients to enter into currency option trades to create paper capital losses that offset real capital gains on which they would have had to pay taxes, law firm Fensterstock & Partners said.
BUSINESS
August 28, 2002 | KRISTEN HAYS, ASSOCIATED PRESS
Andersen Worldwide, the international umbrella organization that includes auditing firm Arthur Andersen, has agreed to pay $40 million to settle lawsuits from Enron Corp. investors and employees.
BUSINESS
January 9, 2003 | Sallie Hofmeister, Times Staff Writer
A proposal by Adelphia Communications Corp. to pay a new top management team $1 million a week to pull the cable operator out of bankruptcy protection has angered shareholders, employees and local lawmakers, who contend the compensation package is outrageous. Adelphia's directors were scheduled to vote on the proposal at a board meeting Wednesday.
BUSINESS
May 5, 2004 | From Reuters
A federal judge Tuesday ordered Big Four accounting firm KPMG to identify participants in certain tax shelters and produce documents sought by the U.S. government. U.S. District Judge Thomas Hogan granted a motion sought by the government to force KPMG to comply with nine Internal Revenue Service summonses issued from January to May 2002 in connection with a wide-ranging probe of tax shelters. "We're reviewing the order and opinion of the court," said Tim Connolly, a spokesman for KPMG.
BUSINESS
August 9, 2004 | From Associated Press
Dillard's Inc. said Sunday that it had agreed to sell Dillard National Bank, which handles credit cards for the national department store chain, to GE Consumer Finance for about $1.25 billion. According to an announcement from Little Rock, Ark.-based Dillard's, GE Consumer Finance will assume $400 million in liabilities, purchase the owned-account receivables and pay an undisclosed premium. The transaction has been approved by both companies but is subject to regulatory review, Dillard's said.
BUSINESS
May 20, 2006 | From Bloomberg News
Accounting firm KPMG said it would pay investors who bought improper tax shelters $154 million under a revised legal settlement, down from $195 million first proposed last year. Fees for 30 law firms would drop to $24.6 million from the $30 million offered Sept. 27, according to court papers filed Thursday in federal court in Newark, N.J. KPMG and Sidley Austin Brown & Wood, a law firm that advised on the shelters, revised the plan after 61 investors opted out of the original settlement.
BUSINESS
July 7, 2003 | From Reuters
When a rapid succession of accounting scandals shook the U.S. stock markets last year, some in Europe wondered whether a stricter financial system with better accounting rules had prevented similar problems from spreading across the Atlantic. But in recent months, a growing list of European companies have found themselves entangled in accounting troubles. Many of the problems, however, have involved the companies' U.S. units.
BUSINESS
June 11, 2001 | DEBORA VRANA, TIMES STAFF WRITER
Questions about the safety of revenues pledged to repay California's upcoming electricity bond issue are worrying some big investors, which could translate into demands for higher interest rates on the mammoth offering. The central issue for managers of large mutual funds--prime customers for the deal--is whether the revenues pledged to repay the bonds will be safe from challenges in U.S. Bankruptcy Court.
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