June 30, 2005

Ebbers Adds To WorldCom Settlement

The former CEO of WorldCom is forfeiting most of his assets in settlement of the securities class action claims against him. The Associated Press reports that Bernard Ebbers, who was convicted in March of criminal fraud, "will pay $5 million up front and place the rest of his assets in a trust that will be sold off for an estimated $25 million to $40 million." These sums will be added to the more than $6 billion paid by former WorldCom investment banks in settlement of the suit.

Posted by Lyle Roberts at June 30, 2005 11:11 PM | TrackBack
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