Andersen Consulting Notified of Deadline Extension by Arbitration Court Judge.Business & Legal Editors NEW YORK--(BUSINESS WIRE)--April 26, 2000 Andersen Consulting See Accenture. announced today that it had received notification from Dr. Guillermo Gamba, the Arbitrator arbitrator n. one who conducts an arbitration, and serves as a judge who conducts a "mini-trial," somewhat less formally than a court trial. In most cases the arbitraror is an attorney, either alone or as part of a panel. in the dispute with Arthur Andersen For the U.S. Supreme Court case commonly known as Arthur Andersen, see . Arthur Andersen LLP, based in Chicago, was once one of the "Big Five" accounting firms (the other four are PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young and KPMG), performing and Andersen Worldwide Andersen Worldwide Société Coopérative (AWSC) was a Swiss-based entity which managed the global offices of accounting firm Arthur Andersen. It was also the parent corporation of Andersen Consulting (now called Accenture) before its split in 2000. , that the International Court of Arbitration The International Court of Arbitration is an institution for the resolution of international commercial disputes. The International Court of Arbitration is part of the International Chamber of Commerce. , which is part of the International Chamber of Commerce, had granted him an extension of the April 30, 2000 deadline for submission of the Arbitrator's decision. Andersen Consulting now expects to be notified of the award sometime before July 31, 2000. "It is clear to us that Dr. Gamba is making every effort to make the right decision. Given the number of issues involved, the decision to postpone the date was not totally unexpected. We fully recognize that this is part of the process," said Jon M. Conahan, a managing partner with Andersen Consulting. Andersen Consulting filed a Request for Arbitration under the rules of the International Chamber of Commerce in 1997. Citing serious breaches of contract and irreconcilable differences The existence of significant differences between a married couple that are so great and beyond resolution as to make the marriage unworkable, and for which the law permits a Divorce. , Andersen Consulting requested that an arbitrator appointed under the rules of the International Chamber of Commerce declare that the firm should be excused from any further obligation to Arthur Andersen and Andersen Worldwide under the parties' operating agreements An operating agreement is an agreement among limited liability company ("LLC") members governing the LLC's business, and Member's financial and management rights and duties. No state requires an LLC to have an Operating agreement. . Andersen Consulting asked that the parties be free to pursue whatever future course they believe makes the best business and regulatory sense for their respective partners and clients. "We remain confident that Dr. Gamba will make every effort to resolve the dispute in the most equitable manner possible. We continue to believe that a formal separation under rational terms is a prudent policy to pursue for both regulatory and sound business reasons," said Conahan. He went on to say, "We do not believe the extension signals any specific outcome. And although we are all anxious to put this matter behind us, we have confidence in the process." Andersen Consulting is an $8.9 billion global management and technology consulting organization whose mission is to help its clients create their future. The organization works with clients from a wide range of industries to link their people, processes and technologies to their strategies. Andersen Consulting has approximately 65,000 people in 48 countries. Its home page is http://www.ac.com. |
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