KPMG'S tax shelters leave Sidley exposed

Strahler, Steven R.
July 2005
Crain's Chicago Business;7/11/2005, Vol. 28 Issue 28, p3
This article reports that accounting firm KPMG LLP wants to avoid becoming another Arthur Andersen & Co., killed by a criminal indictment. Some of its survival costs may fall on Sidley Austin Brown & Wood LLP. KPMG's admission of wrongdoing by former partners amid federal investigations of abusive tax shelters turns up the heat on Sidley, which has been sued by investors who say they relied on its written legal opinions that the tax deductions were legitimate. The Chicago, Illinois-based law firm and its 302 equity partners could suffer a steep financial penalty from pending civil litigation. KPMG's disclosure last month that it took full responsibility for the unlawful conduct by former KPMG partners might allow it to skirt an indictment, but only at the risk of giving disgruntled tax-shelter clients more grounds to sue.


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