Last WorldCom Director Settles Investor Lawsuit
From Associated Press
Former WorldCom Inc. board member Bert Roberts agreed to pay $4.5 million of his own money to settle a lawsuit brought by former investors in the collapsed telecommunications company.
Roberts became the last former board member to settle with the investors. Last week, 11 other former directors agreed to pay $20 million from their own pockets to resolve their parts of the lawsuit.
Audit firm Arthur Andersen is the only remaining defendant in the suit.
The lawsuit claims the banks that underwrote WorldCom securities, in addition to the former board members and the auditing firm, should have known about fraud at the company, now known as MCI Inc.
