October 3, 2022

Arthur Andersen’s Bones Still Have Some Meat on Them

Hey, an extra $38 million for the WorldCom fiasco is an extra $38 million:

Two law firms, Bernstein Litowitz Berger & Grossman LLP and Barrack Rodos & Bacine, announced the proposed settlement Monday. They noted that the lead plaintiff previously achieved settlements with various defendants in the case for over $6.1 billion plus interest to benefit members of the class action. One of the previous settlements was with Andersen in 2005 and it provided for a cash payment of $65 million, as well as the possibility of certain contingent payments. The currently proposed settlement would settle and release the contingent payment claim in return for the immediate payment by Andersen of an additional $38 million in cash. 

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