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Ex-WorldCom Directors to Pay $18M Out of Pocket on $54M Settlement

Ten former WorldCom Inc. board members have reportedly agreed to pay $18 million from their own pockets to settle a class action by investors in the scandal-tarred telecom giant. The board members' agreement -- equal to one-fifth of their personal net worth -- is part of a $54 million settlement, with insurers covering the rest of the tab. The settlement, which could set a precedent, would be unusual because executives often rely on insurers to foot the bill for civil securities liabilities.

January 07, 2005 at 12:00 AM

1 minute read

By Erin McClam | Updated on January 07, 2005
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