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
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The original version of this story was published on Law.Com
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