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Ernst & Young To Pay US Regulators $123m Over Tax Avoidance Schemes

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Ernst & Young has agreed to pay $123m (£82m) in a settlement with criminal prosecutors in the US, admitting that some of its most senior tax partners had been involved in developing, marketing and defending tax avoidance schemes between 1999 and 2004 to dodge taxes worth $2bn faced by about 200 wealthy individuals.

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