Ex-WorldCom directors to pay $18M of fraud settlement out of pocket

[JURIST] In a highly unusual move, ten former WorldCom (now MCI) directors have agreed to pay $18 million of a $54 million class-action settlement from their own pockets. The agreement is part of a settlement reached Wednesday with plaintiffs led by the New York State Common Retirement Fund who lost billions in the accounting fraud scandal that hit the company in 2002. The settlement still has to be approved by US District Judge Denise Cote, who is overseeing civil suits related to WorldCom's accounting fraud. The New York Times has more.



 

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