Arthur Andersen Settles WorldCom-Related Claims

Arthur Andersen LLP, the last remaining defendant in the WorldCom securities class action, has agreed to settle the case. The settlement ends the the ongoing trial in the S.D.N.Y. According to a New York Times article, the settlement is for $65 million plus “20 percent of any amount [Arthur Andersen] paid to distribute its remaining capital to its present and former partners.” The settlement also reportedly includes a “most favored nation clause” that guarantees the plaintiffs “the difference between the $65 million and any larger settlement in any other lawsuit [Arthur Andersen] may settle in the future.”