JURIST Supported by the University of Pittsburgh
PAPER CHASE NEWSBURSTDigest RSS feedFull RSS feed
Serious law. Primary sources. Global perspective.


Sunday, February 20, 2005

Federal judge delays WorldCom trial
David Shucosky at 10:40 AM ET

[JURIST] A federal judge has delayed the start of the class-action fraud suit against WorldCom [JURIST Hot Topic archive] until March 17, so that lawyers can interview witnesses from former WorldCom CEO Bernard Ebbers fraud trial [AP report] after it ends in the next few weeks. US District Judge Denise Cote also issued strict guidelines for testimony and arguments, and ordered that the case wrap up by early July, rejecting estimates from attorneys that the proceedings would take nine months. The class-action suit, brought by WorldCom investors, alleges that the company used fraudulent accounting practices to inflate profits, cover up known financial weaknesses, and cheat investors. Judge Cote previously has refused to enter a settlement in the case [AccountingWeb.com report] on the grounds that it was unfair to the banks also named in the lawsuit. Reuters has more on the delay of trial. In a related story, the company, which is out of bankruptcy and now called MCI [corporate website], is looking to merge with Verizon [corporate website], but shareholders Friday filed a lawsuit to block the buyout [Reuters report], saying the price is too low.






Link |  | print | subscribe | RSS feeds | latest newscast | Facebook page

For more legal news check the Paper Chase Archive...


LATEST LEGAL NEWS

 UK judge upholds request to withhold evidence in Russian spy death investigation
5:26 PM ET, May 19

 Afghanistan parliament blocks women's rights legislation
4:06 PM ET, May 19

 Rights groups urge Cameroon to drop charges against transgender youths
11:45 AM ET, May 19

 click for more...

Get JURIST legal news delivered daily to your e-mail!

LATEST FORUM

The War on Terror and the Need for Muslim Support
DOMESTIC
Faisal Kutty
Valparaiso University Law School

ABOUT

Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible, ad-free format.

CONTACT

Paper Chase welcomes comments, tips and URLs from readers. E-mail us at JURIST@jurist.org