Andersen is offering $750 million to settle legal actions arising from its association with Enron, newspaper reports said today.
The
Washington Post
and
USA Today
said that under the settlement, $250 million would come from an insurance company co-owned by Andersen and its global affiliates, with the remaining $500 million to be paid out in $100 million increments over the next five years.
An Andersen spokesman had no immediate.
certain partnerships that were off its balance sheets.
USA Todaysaid Andersen's New York law firm, Davis Polk & Wardwell, outlined the proposal yesterday in a meeting with the Securities and Exchange Commission.
The newspapers, citing sources close to the talks, said the settlement would cover all Enron-related legal actions threatening the accounting firm.
The Washington Postcited a source as saying Andersen was also seeking to persuade the US Justice Department not to indict the firm.
According to the paper, the source said Andersen was anxious to get the Enron litigation settled, within two weeks, before corporations send out annual ballots asking shareholders to ratify their choice of independent auditors.
Both newspapers said SEC and Andersen representatives declined comment on the settlement efforts.