Banks pay $3.4bn to settle WorldCom claim

news

pg9-capellas-gif

A further 13 investment banks agreed last month to pay a total of $3.4 billion to settle claims relating to a class action lawsuit brought by investors in WorldCom, led by New York State Comptroller Alan Hevesi. After Citigroup’s $2.65 billion settlement last year, these latest settlements bring the total recovery to over $6 billion, the largest ever achieved in a class action suit.

Investors alleged that the former bond underwriters had failed to adequately investigate the company’s financi

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: