WorldCom Directors Run Risk of Paying Penalties
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Experts say the WorldCom settlement is part of an evolving trend in which those who commit financial misdeeds, or fail in their duty to stop them, pay significant penalties.
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A federal judge approved a $2.575 billion settlement of a class-action lawsuit by WorldCom investors who claimed they were defrauded by Citigroup, the second-largest settlement ever in a securities fraud case. When the tentative pact was announced by Citigroup in May, it was for $2.65 billion, but the agreement presented to the judge was reduced by $75 million. Investors accused Citigroup of hiding WorldCom's financial risks when it helped sell $10 billion of WorldCom debt in 2001.
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Fidelity Investments will pay $3.75 million in fines for supervisory failures, including allowing traders to accept gifts like Super Bowl tickets and chartered flights, NASD, the brokerage industryâs main regulator, said yesterday.
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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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Ten former directors of WorldCom Inc.  have agreed to pay $54 million, including $18 million from  their own pockets, to settle an investor class-action lawsuit,  a New York state official said on Friday.
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Securities regulators are planning sanctions against a company that sold high-fee mutual funds to military officers, sources familiar with the situation said Friday. Some big fund companies said they may reconsider the "contractual plan" funds.
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Executives concerned about regulatory overload after year of scandals and mishaps
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Former WorldCom Inc. chief Bernard Ebbers orchestrated an $11 billion accounting fraud and then told "lie after lie after lie" about the telecommunication company's crumbling finances to protect its stock price and his own personal fortune, a prosecutor said yesterday in opening statements at Ebbers's trial.
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he Van Eck Associates Corporation, a manager of the Van Eck mutual funds, has said the Securities and Exchange Commission may seek civil penalties against it and two executives in connection with improper trading.
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Independent probe might throw some top executives overboard.
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Management is trying to turn things around, but the company's paying for past mistakes.
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A six-month lull in corporate fraud trials ends soon. Ex-Tyco, WorldCom, HealthSouth execs on deck. By Krysten Crawford, CNN/Money staff writer.
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A federal judge sentences Gregory Reyes, former chief executive of Brocade Communications Systems, to 21 months in prison and fines him $15 million. It's the harshest penalty yet in a tempest that has rattled corporate America.
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A board member of US media giant Dow Jones may face civil action over breaches of securities laws.
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The top three executives of the American Stock Exchange may face civil charges for failing to properly enforce the exchange's rules.
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A U.S. District judge ruled Tuesday that former WorldCom Inc. CEO Bernard J. Ebbers's lawyers may question the prosecution's star witness about alleged marital infidelities.
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Business & money: Investors who buy shares in companies to agitate for change could face fines or even prosecution.