New Partners and a Preliminary Settlement for KPMG
On Monday, U.S. District Judge Dennis M. Cavanaugh gave preliminary approval to a proposed $225 million class-action settlement by KPMG and Sidley Austin Brown & Wood
LLP, the Associated Press reports. KPMG would pay 80 percent of the settlement, according to the Associated Press.
A conclusion to the suit over the sale of questionable tax shelters would be good news for KPMG’s 166 new partners. The “Class of 2005” is the largest group of new partners admitted in the firm’s history and provides a range of services including audit (87), risk advisory services (50) and tax services (29) practices.
“I am pleased to announce this class of outstanding new partners,” said Timothy P. Flynn, chairman and CEO of KPMG LLP in a statement. “On behalf of all of us at KPMG, I offer my new partners and their families our congratulations. I look forward to working with them during an exciting and dynamic period in our profession.”