KPMG and Brown & Wood

Hundreds of wealthy investors filed a class action lawsuit against the nationwide accounting firm and the law firm now known as Sidley Austin Brown & Wood. The class included 280 investors who purchased questionable shelters known as Blips, Flip, Opis, and SOS. These four shelters were sold to investors to help them evade billions of dollars in taxes. KPMG along with Brown & Wood have agreed to a $225 million class action settlement. Class members are set to receive $175 million; $30 million will be set aside for lawyer fees, and another $20 million will be budgeted for administrative fees. (Sep-30-05) [NEW YORK TIMES]