WorldCom Investors Win $651 Million Settlement

Law360, New York (October 27, 2005, 12:00 AM EDT) -- WorldCom investors will receive $651 million in a settlement reached in a consolidated class-action suit against the company. Most of the money will be paid by underwriters of the former telecommunications giant.

The $651 million will be distributed amongst the plaintiffs in 32 different lawsuits against WorldCom filed by more than 60 companies nationwide.

The investment banks responsible for paying the settlement, including Citigroup Inc. and J.P. Morgan Chase & Co., will also pay an estimated $85 million in lawyers’ fees on top of the money...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.