Andersen sued over US audit

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The Independent Online
Arthur Andersen, the US accounting firm, is being sued for dollars 400m damages by Resolution Trust, the federal agency responsible for sorting out failed Savings and Loans - the US equivalent of building societies. The claim, the largest ever made by Resolution, alleges the firm was negligent in auditing the accounts of the Houston-based Benjamin Franklin Savings Association, which collapsed in 1989.

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