KPMG Partners Slapped With Record Fines In Xerox Case

Law360, New York (February 22, 2006, 12:00 AM EST) -- All four remaining defendants in an action brought against Big Four auditing firm KPMG in connection with a $1.2 billion fraudulent earnings manipulation scheme at office hardware company Xerox Corp. have agreed to pay record-setting fines to settle a January 2003 action against them.

The U.S. Securities and Exchange Commission this week confirmed that three of the four former and current partners agreed to permanent injunctions, payment of record civil penalties and suspensions from practice before the SEC with rights to reapply in one to three...
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