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 Wednesday, September 21, 2005 |
BREAKING NEWS ~ Federal judge approves WorldCom settlements
Jeannie Shawl at 1:39 PM ET
[JURIST] AP is reporting that a federal judge has approved settlements worth over $6 billion in civil litigation related to the WorldCom accounting fraud [JURIST news archive].
1:49 PM ET - Under the deals approved by District Judge Denise Cote, several corporate defendants involved in the fraud, including Citigroup and JPMorgan Chase, and former WorldCom directors will be required to pay back over $6.1 billion to approximately 830,000 investors who lost money when the telecommunications company collapsed in 2002. AP has more.
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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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