KPMG and the Sidley Austin Brown & Wood LLP law firm reached a preliminary agreement with the Milberg Weiss Bershad & Schulman LLP law firm to pay the money, the Wall Street Journal reported Friday.
Former clients would get $175 million; Milberg's fees could reach as high as $30 million; and another $20 million would be budgeted for "administrative" fees and potential distributions to other would-be class members.
A federal court in New Jersey must approve the deal.
Exploding whale video goes viral on Internet
Reindeer recovered after escaping from Santa during lighting ceremony