Memphis, Tenn. (March 12, 2002) - Both overnight shipper FedEx Corp. and banking concern Riggs have dropped embattled Big Five firm Andersen as their independent auditor.

FedEx subsequently hired rival Ernst & Young as Andersen's successor. The decision was not the result of any disagreement with Andersen. "During its longtenure as the company's outside auditors, Arthur Andersen has provided many years of quality service and has demonstrated a high level of professionalism," FedEx said.

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