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Heat turned up a notch on Milberg Weiss
This Wall Street Journal ($) article reports that federal investigators have turned up the pressure in its investigation of several prominent plaintiffs class action securities lawyers at the former Milberg, Weiss law firm, including granting immunity to a former Milberg...
CIBC puts Enron class action settlement amount over the WorldCom record
Canadian Imperial Bank of Commerce announced today that it has agreed to pay $2.4 billion to settle the class action securities litigation against the bank arising out of the demise of Enron Corp. in late 2001. The CIBC settlement is...
Ebbers receives an effective life sentence
Former WorldCom CEO 63 year old Bernard J. Ebbers received a 25 year sentence for his conviction on charges of securities fraud, conspiracy and seven counts of filing false reports with regulators relating to an a multi-billion accounting fraud...
No fan of Lerach
In this NY Times op-ed, Joseph Nocera tees off on the lead Enron class action securities fraud plaintiffs' lawyer, William Lerach, who has his share of troubles these days (noted here and here). After noting Larry Ribstein's compliment of Mr....
JP Morgan Chase settles Enron class action
On the heels of Citigroup's settlement last week, J.P. Morgan Chase & Co. elected to avoid the risk of being placed in the "last to settle" position that it found itself in the WorldCom class action securities fraud litigation and...
Citi settles Enron civil securities fraud claims
Citigroup Inc., the nation's largest financial institution, announced this morning that it has agreed to pay $2 billion to settle class-action claims over its role in the sale of Enron Corp. stock and bonds prior to the company's collapse into...
Andersen finally settles with WorldCom
The last defendant standing in the WorldCom securities fraud litigation stood down on Monday as Arthur Andersen announced that it had settled with the WorldCom class for $65 million. The settlement occurred at the beginning of the fifth week of...
JPMorgan Chase wins a key decision in Enron-related litigation
Only a week after agreeing to an embarrassing $2 billion settlement arising from its role as an underwriter of WorldCom bonds, JPMorgan Chase got some good news yesterday in a securities fraud case arising from its somewhat different dealings with...
Not good legal advertising
This Wall Street Journal article ($) reports on one of the biggest litigation miscalculations of the past several years -- Skadden Arps' partner Jay Kasner's recommendation to JP Morgan Chase and other WorldCom underwriters that they reject an earlier settlement...
Former WorldCom chairman finally settles
Former WorldCom chairman Bert C. Roberts, Jr. -- the final settlement holdout among WorldCom Inc.'s former outside directors -- agreed to settle the WorldCom investors' class-action lawsuit claims against him for $5.5 million, including $4.5 million out of his own...
WorldCom directors settle (again)
Eleven of WorldCom Inc.'s former directors who served on the WorldCom board between 1999 and 2002 yesterday agreed to revive a settlement that the District Court had earlier rejected (see earlier posts here and here) under which the directors agreed...
JP Morgan Chase settles WorldCom class action
J.P. Morgan Chase & Co. became the final major holdout in WorldCom investor class-action lawsuit to settle as it agreed to pay a cool $2 billion in the WorldCom settlement pot. The settlement came a day before jury selection was...
More courthouse steps settlements in WorldCom class action
Deutsche Bank AG, German bank WestLB AG and Italian bank Caboto Holding Sim joined most of the other financial institution-defendants in the WorldCom class action yesterday in agreeing to settle fraud allegations for their participation in the sale of WorldCom...
Four more banks settle WorldCom claims
The "courthouse steps" settlements continued Tuesday in the class action lawsuit over the WorldCom accounting scandal as four more financial institution-defendants reached deals with the plaintiffs in which the defendants agreed to pay a total of $428.5 million. Earlier posts...
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...
B of A settles in WorldCom class action
In two weeks, the trial cranks up of claims by investors and creditors who lost billions in the WorldCom accounting scandal against WorldCom's former underwriters, outside directors, and Arthur Andersen. Consequently, over the next several weeks, there will probably be...
WorldCom directors settlement on the rocks
Less than a month after it was announced, the tentative settlement by 10 of 12 WorldCom Inc. directors to pay $54 million (including $18 million out of their own pockets) to settle the class-action claims against them has collapsed after...
Enron outside directors settlement
On the heels of this post earlier this week about the impending outside directors' settlement in the WorldCom case, this NY Times article reports on the impending $168 million settlement involving the class action securities fraud and related claims against...
WorldCom outside directors settlement
10 of the 12 former outside directors of WorldCom Inc. have agreed in principle to pay $18 million out of their own pockets as a part of a $54 million settlement of the class-action lawsuit that WorldCom bondholders and shareholders...
Citigroup WorldCom settlement: one down, Enron to go
This NY Times article reports on the settlement of the WorldCom class action lawsuit against Citigroup. The $2.65 billion settlement is the largest ever by a bank, brokerage firm or auditor to settle an investor fraud case based on the...
SEC files unusual brief in WorldCom "fraud on the market" class action
This NY Times article reports on an unusual brief that the Securities and Exchange Commission has filed in Citigroup's appeal of the class certification order in the WorldCom class action securities fraud case. This particular appeal involves the "fraud on...
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