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Arthur Andersen agrees to pay $1.2 m to settle Stirling Cooke litigation

Arthur Andersen has agreed to pay $1.2 million to settle litigation regarding its audits of now-defunct Bermuda-based broker AlphaStar Insurance Group Limited, formerly Stirling Cooke Brown Holdings. A motion to approve the settlement was filed with the U. S. Bankruptcy Court for the Southern District of New York on February 16, 2007 by AlphaStar's Chapter 7 Trustee, Richard E. O'Connell. The deadline for objections to the Andersen agreement is March 8 and a hearing to approve it is scheduled to be held on March 13.