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.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access