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Phone: (312) 580-0033 Fax: (312) 507-3872 View Additional Phone Numbers 33 W. Monroe St., Chicago, IL 60603
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This business is not BBB accredited.
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Reason for Rating
BBB rating is based on 13 factors. Get the details about the factors considered.
Factors that raised the rating for Arthur Andersen LLP include:
- Length of time business has been operating
- No complaints filed with BBB
Customer Complaints Summary
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Additional Complaint Information
On October 17, 2001 the Securities and Exchange Commission launched an inquiry into the financial collapse of Enron, Corp. This inquiry focused on the role of Arthur Andersen LLP, Enron's long-time auditor. The Justice Department also established a task force in January, 2002 to investigate matters that arose following the collapse. In March 2002 a federal grand jury in Houston, Texas charged Arthur Andersen's partnership with obstruction of justice, for destroying paper documents and electronic information with the intent to impair the use of this information in an official government proceeding.
Arthur Andersen (AA) has made the following responses:
* the action taken against AA by the U.S. Department of Justice (DOJ) is without precedent and extraordinary abuse of prosecutorial discretion.
* Given the circumstances of the investigation, AA believes this is a gross abuse of government power.
* The DOJ has refused to allow AA to tell its story to the grand jury, in violation of both the DOJ policy and the basic precepts of fundamental fairness.
* It is unclear what evidence was presented or whether any witnesses appeared before a grand jury.
* A criminal prosecution against the entire AA firm for obstruction of justice is both factually and legally baseless.
* No complaints have been received by the BBB during the past three years.
* Once AA learned of the document obstruction issue in its Houston office, it immediately notified the DOJ and SEC.
* AA said it was prepared to impost penalties on its partners directly involved but delayed doing so in deference to the DOJ's investigations.
* The DOJ's actions ignore the fact that AA discovered the activities and brought them to the attention of the DOJ and has cooperated fully with the investigation.
* On May 1, 2002 AA stated: "we regret that talks regarding a civil settlement with the lead class plaintiff, the Enron bankruptcy estate, and company creditors have ended. We've worked in good faith over the last several months to resolve these matters to the benefit of all parties. During the discussions considerable progress was made, but unfortunately, the plaintiff could not resolve several differences among themselves and with defendants other than AA".
A trial on the charge began on May 6, 2002 in a Houston, Texas Federal Court.
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Licensing, Bonding or Registration
This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.
These agencies may include:
Illinois Department of Financial and Professional Regulation
100 W. Randolph, 9th Fl, Chicago IL 60601
Phone Number: (312) 814-4500
Business ManagementMr. Ronald A. Ballschmiede, Partner
Accountants - Certified Public Offices of Certified Public Accountants (NAICS: 541211)