Ex-WorldCom Directors' Settlement Challenged
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NEW YORK, Jan. 11 -- In an unusual legal move, a group of Wall Street banks has challenged the settlement announced last week between 10 former WorldCom Inc. directors and plaintiffs in a class-action shareholder lawsuit filed after WorldCom collapsed into bankruptcy court in 2002 following charges of widespread accounting fraud.
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Bankrupt cable operator asks court to force payments, says family already admitted they owe money. NEW YORK  - Adelphia Communications Corp.
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WorldCom Inc. investors canceled a $54 million settlement reached last month with the company's former outside directors after a judge voided a provision of the agreement that would have exposed banks to higher damages.
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Former WorldCom Inc. Chief Executive  Bernie Ebbers, facing financial ruin as the company's stock  plummeted, pleaded with other top executives in 2001 to do  "everything they could possibly do" to turn the troubled  telephone giant around, a witness testified at Ebbers' fraud  trial on Friday..
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Some of Enron Corp's EONPQ.PK former  directors have agreed to a $168 million settlement of a  shareholder lawsuit over the collapse of the once powerful  energy trading company, the lead plaintiff in the case said on  Friday.
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WorldCom's former controller testified Monday that he never knew CEO Bernard Ebbers to make an accounting decision as the company slid into a financial abyss and began hiding billions of dollars in expenses to fool Wall Street.
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The judge in the WorldCom lawsuit ruled that the investment banks that sold billions of dollars in the companyÂs bonds must persuade a jury that they conducted appropriate due diligence before the offering.
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Former WorldCom Inc. Chief Executive  Bernard Ebbers repeatedly lied to investors, violating their  trust and costing them billions of dollars, a prosecutor  charged on Tuesday as Ebbers' fraud trial opened.
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Potential jurors for the trial of former WorldCom Inc. chief Bernard Ebbers were asked Wednesday whether they had financial ties to the company and what they had read in the media about the case.
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Two former directors at Putnam Investments have agreed to pay $400,000 each to settle charges that they had engaged in improper trading.
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A defense lawyer played two audiotapes of WorldCom's former chief in court yesterday in hopes of convincing jurors that Bernard Ebbers knew too little about the company's accounting to have overseen the $11 billion fraud that drove it into bankruptcy.
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Qwest, the US telecoms company founded by Millennium Dome entrepreneur Philip Anschutz, will pay $250m (Â£140m) to settle civil fraud charges, according to a union official briefed on the pact.
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A former top accountant at WorldCom Inc. testified yesterday she was told to make improper accounting entries because chief executive Bernard Ebbers did not want to lower expectations for Wall Street.
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The former chief financial officer of Qwest Communications International Inc.  was ordered to pay a total of $577,052 to settle charges that she helped defraud investors of billions of dollars, the U.S. Securities and Exchange Commission said on Friday.
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A federal judge in New York has approved a $2.6 billion settlement of a class-action lawsuit on behalf of more than 170,000 WorldCom investors who claimed they were defrauded by Citigroup.
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Two of the European Union&#39;s landmark antitrust decisions against US companies are in court this week as WorldCom Inc. seeks a moral victory and Microsoft Corp.
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Former WorldCom Inc. chief executive Bernard Ebbers has indicated he will seek reimbursement from the company for his millions of dollars in legal bills.