A group of state and local retirement funds and insurance companies recovered $651 million from WorldCom's investment banks, auditors and company officers in a settlement announced Thursday. As part of the settlement, Citigroup and JPMorgan Chase & Co., two of the defendants in several non-class action suits filed by the funds, agreed to jointly petition the SEC for more stringent disclosures by banks underwriting future stock and bond offerings.
October 28, 2005 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A group of state and local retirement funds and insurance companies recovered $651 million from WorldCom’s investment banks, auditors and company officers in a settlement announced Thursday.
As part of the settlement, Citigroup and JPMorgan Chase & Co., two of the defendants in several non-class action suits filed by the funds, agreed to jointly petition the Securities and Exchange Commission for more stringent disclosures by banks underwriting future stock and bond offerings.
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