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.
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