August 13, 2020

Arthur Andersen’s Bones Still Have Some Meat on Them

Hey, an extra $38 million for the WorldCom fiasco is an extra $38 million:

Two law firms, Bernstein Litowitz Berger & Grossman LLP and Barrack Rodos & Bacine, announced the proposed settlement Monday. They noted that the lead plaintiff previously achieved settlements with various defendants in the case for over $6.1 billion plus interest to benefit members of the class action. One of the previous settlements was with Andersen in 2005 and it provided for a cash payment of $65 million, as well as the possibility of certain contingent payments. The currently proposed settlement would settle and release the contingent payment claim in return for the immediate payment by Andersen of an additional $38 million in cash. 

[AT]

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles

Wirecard Drama of the Day: Where, Oh Where, Is Jan Marsalek?

Jan Marsalek, the former Wirecard chief operating officer who is considered one of the maestros of the multibillion-euro accounting scandal that obliterated the German payments company, is on the lamb. He might be in the Philippines. He might be in Russia. He might be in Belarus. But no one knows exactly where the dude is. […]

Big 4 Lawsuits: Ex-PwC Partner vs. PwC, Deloitte Partner vs. Deloitte Australia, Watchstone vs. PwC U.K.

On the menu: wrongful termination, age discrimination, and conspiracy! Former PwC partner sues company, claims he’s owed $15 million [Minneapolis/St. Paul Business Journal] This lawsuit filed by a former Minneapolis-based PwC partner who claims he was wrongly terminated and is owed millions of dollars should keep the firm’s lawyers busy for a while. John Cahill […]