MCI to pay Mississippi $100 million to settle WorldCom back taxes

[JURIST] Mississippi state Attorney General Jim Hood [official website] announced Monday that under the terms of a settlement agreement with the state telecommunications giant MCI [corporate website] will hand over $100M cash to cover back taxes owed by its predecessor, WorldCom, as well as turn over WorldCom's former headquarters in downtown Jackson. WorldCom was charged for accounting fraud in the amount of $11 billion in 2002 and ex-CEO Bernard Ebbers was found guilty in March 2005 [JURIST report] for his role in the debacle. Hood stated that the settlement agreement with MCI, which denies any wrongdoing, was filed Monday in US Bankruptcy Court in New York and that he expects the court's approval later this week. AP has more.

 

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