KPMG Peat Marwick LLP is suing three Connecticut community banks, claiming they profited from tax advice without paying for it.

George Ledwith, a spokesman for the accounting firm, said the banks had a contractual obligation to compensate KPMG if they took advantage of a tax loophole it claims to have discovered.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.