Judge approves $6.1Billion for WorldCom civil suit
A federal judge Wednesday approved legal settlements that will return more than $6.1 billion to investors who lost money in the WorldCom accounting fraud.
The deals, approved by U.S. District Judge Denise Cote, will divide payments among approximately 830,000 people and institutions that held stocks or bonds in the telecommunications company around the time of WorldCom’s collapse in 2002.
Money for the WorldCom settlement payouts will come from a long list of defendants, including investment banks, auditing firms and former WorldCom directors.
Source: MSNBC.
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