Former Big Five auditing firm Arthur Andersen has reached a proposed settlement for an additional $38 million with the plaintiffs in a decade-long class-action lawsuit over the firm’s audits of the telecommunications company WorldCom.
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.
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