Andersen lawyers have confirmed that they have had to advise all parties involved that the firm's insurer has not approved the payment now due to the Foundation creditor's trust.
No further details are known.
Andersen did not admit to any wrongdoing when it agreed to settle.
Andersen Insurer Won't Pay
Andersen, the embattled accounting firm, continues to experience problems on all fronts in the wake of its involvement with the Enron Corporation. The troubled firm was recently sued by liquidators for the Baptist Foundation of America for negligent audit work. It agreed to settle for $217m and had 45 days from the March 1st settlement to pay up. Now the audit firm's insurers, Professional Services Insurance, has yet to pay out under the policy which Andersen are relying on to provide the settlement funds.
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