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August 23, 2005

The Washington Post reports today that KPMG may sign an agreement by the end of the week to avoid indictment in connection with its tax shelters. In exchange, KPMG will pay a fine of between $300 million and $500 million and operate under "independent review," according to the report.

While KPMG may dodge this bullet, some of its former partners may not be so lucky:

The deal would mark an end to months of intense negotiations among prosecutors and KPMG leaders, who took the unusual step of issuing a public statement in June that said the firm took "full responsibility for the unlawful conduct by former KPMG partners."

Several of those former partners could face criminal charges by a New York grand jury within the next few days related to their work on the shelters, which brought the firm $124 million in fees between 1997 and 2001, according to Senate investigators.


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