N.Y. Fund Should Be Lead WorldCom Plaintiff
Dow Jones/Associated Press
A federal judge ruled that New York state’s pension fund should serve as lead plaintiff for a group of shareholders suing WorldCom Inc.
The New York State Common Retirement Fund, which has assets of $112 billion, claims it lost an estimated $306 million from the collapse of WorldCom. The fund, for which state Comptroller H. Carl McCall serves as trustee, represents the interests of 950,000 active and retired government employees and their beneficiaries.
As lead plaintiff, the fund and its lawyers can control the litigation and make significant decisions in legal strategy.
