A New York federal judge granted preliminary approval Tuesday to Arthur Andersen's $65 million payment, made to settle claims that the auditing firm should have sniffed out the record-breaking fraud at telecommunications company WorldCom. Andersen said it expressly denied any liability or wrongdoing -- but New York state comptroller and lead plaintiff Alan Hevesi said that anyone who believes the settlement exonerates Andersen "should look in the mirror and say, 'What a fool I am.'"
April 27, 2005 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Decimated auditing firm Arthur Andersen LLP paid $65 million Tuesday to settle claims that it should have sniffed out the record-breaking fraud at the telecommunications company WorldCom.
The settlement brought to $6.13 billion the amount investment banks, auditors and former board members of WorldCom have paid to settle historic class action claims by angry investors in the big telecom company.
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