Arthur Andersen settles with Enron investors
Federal judge signs $73m settlement between energy giant's former auditor and angry investors
A Houston judge has signed a $72.5m settlement between
Enron investors and Arthur Andersen, the
former auditor of the collapse of the energy giant.
US federal judge Melinda Harmon’s signing of the order brings to a close
another chapter in the $40bn lawsuit brought by Enron investors against those
they see as complicit in the company’s collapse.
In the course of the settlement, Anderson admitted no wrongdoing on its part,
while attorneys for the investors said the amount was the most they could expect
to receive from the accounting firm.
Lawyers have so far recovered more than $7.3bn from groups that financed
Enron, including Canadian Imperial Bank of Commerce, JP Morgan and Citigroup.
A trial against Merrill Lynch and Credit Suisse Group is set to begin in
mid-April.
Further reading:
Andersen
to pay $73M in Enron deal
US judge allows class action against Enron
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