Approval of the $195 million settlement between KPMG and investors in possibly illegal tax shelters has stalled, as the sides reportedly renegotiate the terms of the deal.
KPMG attorneys filed papers in federal court in Newark, N.J. saying that the class-action settlement, preliminarily agreed to in September 2005, had been opted out of by more investors that originally assumed. Reports have said that more than 60 of 284 eligible investors rejected the terms of the deal and New York law firm Milberg Weiss Bershad & Schulman, which brokered the deal, is trying to persuade people who opted out to rejoin the case.
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