Wall Street

by Freddie Mooche

Online Stock Market Trading U.S. District Judge Denise Cote ruled that any jury award could not take into account the limited finances of the directors who settled, placing WorldCom's directors back in the class-action law suit.If you would like to receive late breaking business news covered by AXcess News then you need to subscribe. By joining, you can stay ahead of the pack and receive the latest news in your email in-box first.

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But that settlement was thrown out by a federal appeals court that ruled attorney fees were too high at roughly $4 million and that the settlement had not been fairly distributed. Boeing, which has its corporate headquarters in Chicago but maintains its commercial jet production in Seattle, admitted no wrongdoing in that settlement.

Stock Market Game Feb 3, 2005 (AXcess News) New York - The ten former directors of now defunct WorldCom, rejoined the 16 investment banks being sued in a class-action in New York over losses incurred from the communication carrier's demise.

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Stock Investing Game The directors had attempted to offer to settle with the plantiffs involved and pay personally but the investment bankers balked at the deal as it would have put more of the responsibility on their shoulders. U.S. District Judge Denise Cote agreed, ruling that any jury award could not take into account the limited finances of the directors.

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Journal Prime Rate Street Wall Last month 10 former outside directors of WorldCom (now MCI) agreed to pay $54 million - including $18 million out of their own pockets - to settle part of a class-action lawsuit brought by investors for cooking the books at WorldCom.

An indoor sports center with basketball, racquetball, and squash courts, climbing wall is also part of the facility.

Stock Market News Had the directors been allowed to slide by settlement, their personal contributions ($18 million) would have been paid by the insurance carrier (D&O). Essentially letting them out for nothing.

Stock Investing Basics When the banks' portion of the case went to trial, the agreement by the directors would have limited their damages - and therefore increased the banks' exposure.

Stock Investing Software As a result of the ruling, the plaintiffs are withdrawing from the deal. "The so-called 'ability-to-pay' provision at issue was a necessary part of the settlement," said New York State Comptroller Alan Hevesi, in a statement. Hevesi is the trustee of the New York State Common Retirement Fund, the lead plaintiff in the WorldCom class action lawsuit.AdvertisementThe trial is scheduled to start February 28th and the directors will now be in court right along side the investment banks.

Stock Market Trading They say "fish swim in schools" and so it is for the directors of Enron who only one week after the WorldCom directors' settlement was announced, they proceeded to make a similar settlement offer to the courts.Eighteen former directors of Enron Corp. announced that they would pay $168 million - including $13 million out of pocket from 10 of the directors - to settle a similar lawsuit. While its oddly the same offer as WorldCom's, in that case Judge Cote had focused on one technical aspect of the settlement agreement, so the 18 "Enron Angels" may pull it off.

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