Chicago Mercantile Exchange will not renew its accounting contract with Arthur Andersen and will begin searching for a new independent public accountant, the exchanges parent, CME Holdings, announced today. Ratification of a new contract with Andersen has been removed from the CME Holdings boards April 17 meeting agenda, the board said in a news release.
The decision comes just over a week after it recommended keeping Andersen as auditor. CME spokesman William Burks said the federal governments March 14 indictment of Andersen in the Enron case and other events that have unfolded since then convinced the board to change its stance.
Officials at Andersen did not return calls seeking comment by press time.