Arthur Anderson's Parent Company Settles Fraud Lawsuits
August 28, 2002
Arthur Anderson's parent company, Anderson Worldwide, agreed to pay $60 million Tuesday to settle legal suits stemming from the Enron Corporation scandal. According to the settlement's stipulations, the Swiss-based company will pay $40 million to plaintiffs involved in several class-action lawsuits and $20 million to creditors of the now-bankrupt Enron Corp.
Arthur Anderson LLP, the U.S accounting firm directly linked to the fraud case, was not included in the settlement. Anderson LLP recently attempted to settle its civil claims for $700 million, but plaintiff attorneys rejected the offer. Tens of thousands of former Enron employees and shareholders are seeking financial retribution for the billions of dollars lost when the company collapsed earlier this year.
-- Article Courtesy of InjuryBoard.com
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