KPMG, law firm agree to settle for $275M

Sept. 30, 2005 at 2:24 PM

NEW YORK, Sept. 30 (UPI) -- Big U.S. accounting firm KPMG LLP and a law firm agreed to pay $225 million to settle a class action suit by some 275 former KPMG clients.

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.

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