Arthur Andersen

Washington, DC: (Mar-10-07) A class action lawsuit was filed in a US District Court by Enron investors against Arthur Andersen, the defunct energy trader's former auditor. The suit alleged that Arthur Andersen helped Enron's former officials perpetrate frauds when Arthur Andersen and lenders helped former Enron chairman Kenneth L. Lay and chief executive officer Jeffrey K. Skilling use off-the-books partnerships to manipulate the company's finances - a move that cost investors as much as $40 billion. Both were convicted of fraud and conspiracy charges. In a settlement reached, Arthur Andersen will pay $72.5 million to resolve all claims in the class action litigation. Investors also will get $2 million in accrued interest. [WASHINGTON POST: SHAREHOLDER SETTLEMENT]

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