Arthur Andersen To Pay $38M Extra As Part Of WorldCom Deal

Law360, New York (October 2, 2012, 6:56 PM EDT) -- A New York federal judge granted preliminary approval Tuesday to an additional $38 million payment that defunct accounting firm Arthur Andersen LLP agreed to make following its $65 million settlement in 2005 with a class of investors in fallen telecommunications company WorldCom Inc.

U.S. District Judge Denise Cote signed off on the settlement amount, which satisfies certain contingent payment claims under the 2005 settlement that called for the accounting firm to pay additional settlement funds of some 20 percent of the amount it was able to...
To view the full article, register now.