Printer Friendly

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.
COPYRIGHT 1994 American Institute of CPA's
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Journal of Accountancy
Article Type:Brief Article
Date:Nov 1, 1994
Previous Article:IRS hears comments on lobbying legislation.
Next Article:Robert Thomas Sprouse inducted into Accounting Hall of Fame.

Related Articles
Following the Money: The Inside Story of Accounting's First Mega-Merger.
Hunnicutt to head AICPA Washington office.
Judge finds for KPMG Peat Marwick in Renaissance litigation.
Statute of limitations bars third-party investors' claims.
Value-added tax irks many Canadians.
Partner allowed to sue partnership following termination.
KPMG teams up with investment bankers.
SEC takes first enforcement action in Orange County collapse.
Suing for secrets.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters