WorldCom Ex-Officers Near Deal With SEC
From Bloomberg News and Associated Press
WorldCom Inc.’s former controller, David Myers, and ex-accounting chief, Buford Yates Jr., have reached a tentative settlement of civil fraud charges with the Securities and Exchange Commission.
Lawyers for Myers, Yates and the SEC told a federal judge that they had reached a tentative settlement of the civil case.
Most of the terms weren’t made public, though the parties said a hearing may be held at a later date to determine how much Myers and Yates should pay in fines and other damages.
The company got some good news when the General Services Administration announced that it renewed for one year an $11-billion contract with WorldCom to provide telecommunications services for government agencies.
