Xerox and KPMG have agreed to settle a shareholder lawsuit dating back to 2000 claiming that Xerox manipulated its accounting to inflate its earnings.

Under the proposed agreement, Xerox will make cash payments totaling $670 million, while KPMG, Xerox's former outside auditor and a co-defendant, will pay $80 million into the settlement fund. Xerox expects to make its payments in five installments this year.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access