Andersen Settles with Sunbeam: $110 Million
Big Five firm Andersen has reached a $110 million settlement with Sunbeam shareholders in a lawsuit over work performed for the appliance company. The settlement covers stockholders who purchased options in 1997 and 1998.
Sunbeam underwent a two-year SEC investigation of its accounting practices, and the company's stock, which had plummetted from $53 per share in March 1998 to pennies per share earlier this year, is no longer trading. The struggling company filed for Chapter 11 bankruptcy protection in February.
Andersen has denied any wrongdoing and a spokesperson for the company told AccountingWEB that the firm has nothing to add to published reports of the situation.