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


Wednesday, July 27, 2005

Former WorldCom CFO Sullivan, two others settle with investors
Tom Henry at 8:41 AM ET

[JURIST] As briefly noted yesterday in JURIST's Corporations and securities brief, WorldCom ex-CFO Scott Sullivan and two other executives have reached civil settlements over their roles in WorldCom's disastrous accounting fraud [JURIST news archive] that bankrupted the company. Sullivan - who famously testified against recently-convicted WorldCom founder Bernard Ebbers [Wikipedia profile] - and the executives David Myers and Buford Yates plead guilty to criminal charges and await sentencing next month. The judge ruled that Myers and Yates were unable to pay anything to the class, but Sullivan will be forced to sell his 10-bedroom mansion under construction in Florida, estimated to be worth $5 million, and give up his WorldCom 401(k). CNN has more.






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

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


LATEST LEGAL NEWS

 HRW: China para-police abuse power, overstep authority
3:28 PM ET, May 23

 Catholic dioceses sue US government over employer insurance requirements
1:57 PM ET, May 23

 Russia lawmakers approve stiff new penalties for illegal protests
11:08 AM ET, May 23

 click for more...

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

LATEST FORUM

The US-Afghan Strategic Partnership Agreement
DOMESTIC
Kevin Govern
Ave Maria School of Law

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