Bank of America said Thursday that it will pay $460.5 million to settle class action lawsuits by former WorldCom shareholders. It was the second settlement in the case, which was brought against more than a dozen Wall Street firms by investors in stocks and bonds before WorldCom's 2002 collapse in an accounting scandal. Last year, Citigroup paid $2.58 billion to settle its share of the class action suit. Investors claimed the defendants should have been aware of ongoing fraud at WorldCom.
March 04, 2005 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Bank of America Corp. said Thursday that it will pay $460.5 million to settle class action lawsuits by former shareholders of WorldCom Inc.
It was the second settlement in the case, which was brought against more than a dozen Wall Street firms by individuals and institutions who invested in stocks and bonds before the 2002 collapse of the communications company in an accounting scandal.
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