New York (Aug. 28, 2002) -- Andersen Worldwide SC, the umbrella organization for Andersen's global accounting firms, will shell out $60 million in the first wave of settlements arising from its failed audit of Enron Corp., according to a Reuters report.

The network will pay about $40 million to settle numerous claims brought by the bankrupt energy trader's investors and employees and reportedly, an additional $20 million for Enron’s creditors.

Andersen’s audit practice effectively ends Aug. 31.

--Electronic Accountant Newswire staff

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