Ernst & Young LLP has agreed to pay $123 million to resolve a federal tax shelter investigation while admitting wrongful conduct by certain E&Y partners and employees.

The agreement comes in connection with the firm’s admitted participation, from 1999 to 2004, in four tax shelters that were used by approximately 200 E&Y clients in an effort to defer, reduce, or eliminate tax liabilities of more than $2 billion, according to the Manhattan U.S. Attorney’s Office.

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