News Brief: KPMG gets OK for $153M settlement

KPMG LLP received federal court approval for a $153 million settlement with more than 200 wealthy investors who bought questionable tax shelters from the Big Four firm.In issuing his opinion, U.S. Judge Dennis M. Cavanaugh said that if he had not approved the settlement, the plaintiffs suing KPMG could have faced a number of obstacles in front of a jury, including "the prospect that a jury would not sympathize with the plight of the high-net-worth individuals who make up the class," or that the investors would be held liable for having originally agreed to buy the suspect shelters. The law firm that advised clients on the shelters, Sidley Austin Brown & Wood, will make payments toward the $154 million settlement.