Banks pay $3.4bn to settle WorldCom claim
Thirteen banks have followed Citigroup’s lead in settling the action out of court
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 financial
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