Defunct accounting firm Arthur Andersen LLP will pay $25 million to settle a lawsuit brought by investors over its role in the collapse of telecommunications company Global Crossing Ltd.

Lawyers for Andersen announced the deal Wednesday, and said that the company has denied it committed any crime and decided to settle in order to eliminate the uncertainties and expense surrounding protracted litigation. Global Crossing's 2002 bankruptcy was one of the largest in U.S. history, although the company emerged from bankruptcy protection at the end of 2003.

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