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.

Meanwhile, Riggs National Corp. also announced Monday that it was ending its 28-year relationship with the troubled accounting firm "during which time Andersen served Riggs well and adhered to a high standard of professionalism," the company said in a statement.

At Riggs, Andersen will be replaced by KPMG.

-- Electronic Accountant Newswire staff

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