KPMG UK has settled a £1.3bn legal battle with the liquidators of Carillion.
Liquidators of the collapsed construction firm had been pursuing a claim that KPMG had been negligent in its audits.
They claimed Carillion had been insolvent for more than two years before its collapse at the start of 2018. They argued ‘red flags’ were missed.
The settlement was agreed on Friday, but the details have not been made public.
KPMG made provisions in its accounts for the financial year ending September 2022 for £179m to cover future fines and legal claims costs.
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