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WorldCom ex-directors settle lawsuit

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Stock Investing Course As part of a $55.25 million dollar settlement with share and bond holders, eleven of WorldCom's ex-directors have agreed to pay $20.25 million dollars.

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Journal Prime Rate Street Wall March 20, 2005 (AXcess News) New York - As part of a $55.25 million dollar settlement with share and bond holders, eleven of WorldCom's ex-directors have agreed to pay $20.25 million dollars.

Lewis' sponsored "harassment, ridicule, taunting and a hostile working environment, " his lawsuit said. Last fall, CH2M Hill settled the lawsuit with Lewis and two other electricians for an undisclosed sum.

Stock Market News The settlement came on Friday, just days after WorldCom's former founder, Bernie Ebbers, was found guilty of fraud and now faces a ten year federal prison sentence. Ebbers is appealing his conviction, the ex-directors decided to settle the lawsuit.The lead plaintiff in the class action case is the New York State Common Retirement Fund, which is represented by Sean Coffey, who said that the settlement was filed with the US district court late Friday.

Stock Investing Basics A prior attempt by the WorldCom ex-directors had failed when a higher amount being offered was to be burdened by WorldCom's insurer.

Stock Investing Software The settlement Friday with the ex-directors opens the door for the plaintiffs in the class action to pursue additional law suits against WorldCom's auditors, Arthur Andersen and its former chairman Bert Roberts.Advertisement

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