A federal judge gave preliminary approval to a $225 million settlement between KPMG and law firm Milberg Weiss Bershad & Schulman LLP.
The deal covers about 275 former clients of the accounting firm who used questionably legal tax shelters designed by KPMG. The Internal Revenue Service has said that the shelters are abusive and helped the 600 taxpayers who bought them clear about $2.5 billion in taxes.
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