Investors Agree To Worldcom Settlement
A number of pension funds and investors that lost out financially in the WorldCom scandal have agreed to a settlement with the banks that sold them WorldCom bonds and stocks. The settlement figure stands at over $650 million and covers thirty-two lawsuits that were filed by various companies and funds, including investment funds, retirement funds, and insurance companies.Billions of dollars of WorldCom investments had been made between 1998 and 2001. An attorney stated that this settlement brings the matter of litigation against the company to a close. The majority of the settlement is to be covered by CitiBank and JP Morgan Chase. The accounting firm that also audited the finances at WorldCom will also pay around eight million.
Attorneys stated that under the circumstances the settlement figure was very good. A class action lawsuit had also already been filed by over eight hundred thousand other investors, and this was recently approved by a judge for $6.1 billion.
The attorney acting on behalf of the client for the latest settlement stated that the recovery amounted to 65 cents in each dollar that had been invested by the clients.
Topic Added December 2nd, 2005
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