Arthur Andersen LLP, the last remaining defendant in an investor lawsuit stemming from WorldCom Inc.'s 2002 collapse, agreed to settle its liability in the case for an undisclosed sum, putting an end to the largest securities fraud class action in U.S. history.
Andersen spokesman Patrick Dorton issued a statement on the settlement Monday, but later emabrgoed and then retracted it, saying that the firm did not authorize the release of the statement in advance of a prelininary approval hearing on the settlement scheduled for this morning. The statement did not disclose the settlement terms.
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