The accounting firm now faces a trial, which is due to begin on May 6th.
Andersen appartently walked away from the offer of a 'deferred prosecution' - the indictment would effectively be put on hold and the firm would be placed on probation.
It is believed that the firm felt that such an arrangement would only result in more client defections as some accounting boards may not have allowed it to continue to practice in their states.
Andersen has now lost around 225 of its 2,300 US publicly held clients this year. The future of the firm is now more uncertain than ever.
Andersen Breaks Off Talks
Arthur Andersen LLP has now broken off settlement talks with the US Justice Department. It was hoped that the two parties could resolve the issues between them and that Andersen could avoid going to trial on obstruction of justice charges in respect of audit work undertaken for failed energy giant Enron.
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