JPMorgan settles WorldCom class action suit Jeannie Shawl at 4:27 PM ET
[JURIST] JPMorgan Chase & Co. [corporate website] agreed to a $2 billion settlement [JPMorgan press release] Wednesday in order to settle claims in a class action suit brought after WorldCom's [JURIST Hot Topic archive] collapse. The plaintiffs, WorldCom investors, have now settled with all defendants named in the amended complaint [PDF text], except auditor Arthur Andersen and former WorldCom board member Bert Roberts. US District Judge Denise Cote indicated that she might delay jury selection in the trial, which was supposed to begin Thursday, until next week so that it becomes clear "who's in and who's out." AP has more. Plaintiff filings, pleadings, court orders and more can be found at the WorldCom securities litigation website.
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.