Ebbers granted bail pending appeal; Ohio gets $94 million WorldCom settlement

[JURIST] A federal judge Wednesday granted bail for former WorldCom [MCIWorldCom website] CEO Bernard Ebbers, allowing him to remain free while he appeals a conviction for his involvement in the $11 billion fraud scandal that led to the collapse of the company. Ebbers was to report to a Louisiana prison on Oct. 12 to begin his 25-year sentence [JURIST report], but US District Judge Barbara Jones ruled that Ebbers' appeal raised a substantial question of law. Ebbers' attorneys have argued that jury instructions in the case were improper. AP has more. In related news, Ohio has reached a $97 million settlement with people and banks it alleged played a role in the WorldCom fraud scandal, state Attorney General Jim Petro [official profile] announced Wednesday. The settlement funds will be split among state pensions, the state Bureau of Workers' Compensation and attorney's fees. WorldCom reached a $500 million settlement with the Securities and Exchange Commission two years ago. Columbus Business First has more on the settlement.

 

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