Andersen Sells Mich., Ohio Offices
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DETROIT (AP) _ Accounting firm Arthur Andersen LLP, under fire for its role in the Enron Corp. bankruptcy, has sold a group of offices in Michigan and Ohio to Ernst & Young LLP.
Under the deal, about 159 Andersen employees from Detroit, Grand Rapids, Ann Arbor and Toledo, Ohio, join Ernst & Young. They include 14 partners and principals in Andersen, Ernst & Young said Monday.
Terms of the deal were not disclosed.
Andersen is on trial in Houston, charged with obstructing justice by destroying Enron-related audit records last year as the Securities and Exchange Commission looked into Enron’s bankruptcy.
Many companies have dropped Andersen as their auditor, and a number of its foreign affiliates have quit.
Also Monday, a Dallas-based technology outsourcing company said it has gained General Motors Corp. and the University of Phoenix accounts that Andersen once held.
ACS Inc. said the two accounts generated about $55 million in revenues last year. It said it will handle more than $350 billion in financial transactions for the two companies each year.