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KPMG Peat Marwick settles with federal government.

In settlement of all claims against it brought by federal regulators, KPMG Peat Marwick agreed to pay $186.5 million to the government.

The agreement settles all claims for professional work the firm did for financial institutions that failed up to April 4, 1994. KPMG will pay $128 million in cash to the Resolution Trust Corp. to settle five pending suits and $58.5 million to the Federal Deposit Insurance Corp. ($23.5 million in cash and $35 million in a two-year note) to settle two suits. KPMG also consented to a cease-and-desist order of the Office of Thrift Supervision.

The firm denied the claims made by the FDIC and RTC and stipulated in its offer of settlement to the OTS order that it neither admitted nor denied the OTS charges.
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Copyright 1994, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Journal of Accountancy
Article Type:Brief Article
Date:Nov 1, 1994
Words:131
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