WorldCom banks deny financial reporting fraud

News

The banks that served as underwriters for WorldCom’s bond issuance have adopted a new defense strategy in the lawsuit filed against them by investors following WorldCom’s financial collapse in 2002: deny everything.

According to The Wall Street Journal, Jay Kasner, the attorney representing the 17 banks that served as bond underwriters for WorldCom, denied that any of the financial reports were false in a recent teleconference hearing. Yet some banks told The Wall Street Journal that they do,

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