Big Four firm KPMG LLP has agreed to pay more than $22 million to settle charges brought against it by the Securities and Exchange Commission in connection with its audits of Xerox Corp. from 1997 through 2000.
As part of the settlement, which is subject to approval by District Court Judge Denise L. Cote, KPMG agreed to pay a total of $22.475 million, including the disgorgement of $9.8 million in audit fees, $2.675 million in interest, and a $10 million civil penalty. The final judgment also orders KPMG to undertake a series of reforms designed to prevent future violations of the securities laws.
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