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March 05, 2005
More WorldCom settlements
On the heels of BofA's settlement earlier in the week, more "courthouse steps" settlements in the WorldCom shareholder class action lawsuit took place on on Friday as four investment banks settled claims arising from their involvement in underwriting bond sales that were based in part on WorldCom's false financial statements.
Under the latest settlements, Lehman Brothers Inc. settled for $62.7 million and Credit Suisse First Boston, Goldman, Sachs & Co. and UBS Warburg LLC each settled for $12.54 million. All four participated as underwriters in WorldCom's May 2000 bond offering. Among the 10 institutions that remain in the litigation are JPMorgan Chase & Co. and divisions of Deutsche Bank AG and ABN AMRO Bank.
Posted by Tom at March 5, 2005 08:21 AM
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