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 Monday, January 26, 2004 |
Report says bankrupt MCI can sue ex-CEO, Citigroup, Arthur Andersen
Matt at 3:13 PM ET
Reuters: "A court-appointed examiner investigating MCI said on Monday the bankrupt telephone company can sue former Chief Executive Bernie Ebbers and other top executives should it seek reparations for their roles in its $11 billion accounting scandal."
In addition, the 542-page examiner's report by former US Attorney General Dick Thornburgh says that MCI could sue its former investment banker, Citigroup, and its former accountant, Arthur Andersen. Shareholders and bondholders would still not be compensated for the roughly $200 billion they lost in the company's implosion, should MCI choose to pursue the lawsuits. MCI has responded with a press release saying it has no plans to pursue claims against KPMG, the company's tax planner.
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Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible, ad-free format.
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