Banks Pay $100 Million to Settle WorldCom Case
From Bloomberg News
Lehman Bros. Holdings Inc., UBS, Goldman Sachs Group and Credit Suisse Group agreed to pay investors $100.3 million to settle claims that the banks helped issue WorldCom Inc. bonds when they should have known the company’s finances were deteriorating.
The settlement was reached with New York Comptroller Alan Hevesi, the trustee for the New York State Common Retirement fund, lead plaintiff in the case.
Citigroup Inc. reached a $2.6-billion settlement with WorldCom investors in May. Bank of America Corp. this week agreed to pay $460.5 million to resolve its liability in the case.
