WorldCom to pay $55 Million
WorldCom you may remember collapsed in 2002 in what was calculated as a $11 Billion accounting fraud.
Eleven Former Board members have agreed to pay some $20 million of their own money to settle a lawsuit by former investors New York State Comptroller Alan Hevesi said Friday.
The deal follows a federal judges preliminary approval of another plan under which JPMorgan Chase & Co. will pay $2 billion to settle a class-action lawsuit brought by former WorldCom investors.
The settlement with the 11 board members, which a judge must still approve at a hearing expected next week, represents more than the members were paid during their tenures, Hevesi office said in a statement.
