September 21, 2005

WorldCom Settlements Approved

MarketWatch reports that U.S. District Judge Denise Cote (S.D.N.Y.) has given final approval to a series of settlements in the WorldCom case. The settlements were preliminarily agreed to earlier this year and total $3.6 billion.

Quote of note: "'Out of some 4 million potential class members, more than 830,000 of whom submitted proofs of claim, only seven filed timely formal objections to the 2005 settlements,' Judge Cote said in her opinion. 'The very low number of objections evidences the fairness of those settlements.'"

Addition: A New York Law Journal article (via law.com - free regist. req'd) discusses the related attorneys' fees award. In total (including earlier settlements), the two lead plaintiffs' firms will receive $335 million.

Posted by Lyle Roberts at September 21, 2005 8:14 PM | TrackBack
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