Common Stock Plaintiffs And Arthur Andersen LLP Regarding Settlement Of Sunbeam Corporation Securities Class Action

Apr 27, 2001, 01:00 ET from Arthur Andersen LLC

    CHICAGO, April 27 /PRNewswire/ -- Common stock class plaintiffs and Arthur
 Andersen LLP announced today that they have entered into a settlement
 agreement resolving the claims asserted by the common stock class plaintiffs
 against Arthur Andersen LLP in In re Sunbeam Securities Litigation,
 No. 98-8258-Civ-Middlebrooks.
     Claims in the suit related primarily to certain allegedly fraudulent
 financial reporting and accounting practices under former Sunbeam management
 led by Al Dunlap.  Settlement of this matter is without admission of fault or
 liability by Arthur Andersen.
     Under the agreement, which must be approved by the Court, Arthur Andersen
 will pay $110 million in settlement of the common stock class action claims.
     "We are pleased to be able to resolve this matter.  Even though we believe
 we had very strong defenses to the claims asserted by the class, the firm made
 this business decision to allow us to apply resources and management time to
 our core business of providing value to our clients," said Andrew Pincus,
 General Counsel of Arthur Andersen.
     "We are gratified to resolve this matter with Arthur Andersen.  The
 settlement represents an excellent result for the class.  The litigation
 continues against former management of Sunbeam, including Al Dunlap and
 Russell Kersh, and trial is scheduled for January 14, 2002," said Merrill
 Davidoff, M. Richard Komins, Robert Kornreich, and Abraham Rappaport,
 plaintiffs' co-lead counsel.
 
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SOURCE Arthur Andersen LLC
    CHICAGO, April 27 /PRNewswire/ -- Common stock class plaintiffs and Arthur
 Andersen LLP announced today that they have entered into a settlement
 agreement resolving the claims asserted by the common stock class plaintiffs
 against Arthur Andersen LLP in In re Sunbeam Securities Litigation,
 No. 98-8258-Civ-Middlebrooks.
     Claims in the suit related primarily to certain allegedly fraudulent
 financial reporting and accounting practices under former Sunbeam management
 led by Al Dunlap.  Settlement of this matter is without admission of fault or
 liability by Arthur Andersen.
     Under the agreement, which must be approved by the Court, Arthur Andersen
 will pay $110 million in settlement of the common stock class action claims.
     "We are pleased to be able to resolve this matter.  Even though we believe
 we had very strong defenses to the claims asserted by the class, the firm made
 this business decision to allow us to apply resources and management time to
 our core business of providing value to our clients," said Andrew Pincus,
 General Counsel of Arthur Andersen.
     "We are gratified to resolve this matter with Arthur Andersen.  The
 settlement represents an excellent result for the class.  The litigation
 continues against former management of Sunbeam, including Al Dunlap and
 Russell Kersh, and trial is scheduled for January 14, 2002," said Merrill
 Davidoff, M. Richard Komins, Robert Kornreich, and Abraham Rappaport,
 plaintiffs' co-lead counsel.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X15880412
 
 SOURCE  Arthur Andersen LLC