KPMG Peat Marwick settles with federal 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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|Publication:||Journal of Accountancy|
|Article Type:||Brief Article|
|Date:||Nov 1, 1994|
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