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Judge OKs $6.1B in WorldCom Settlements
WorldCom executives David Myers and Buford Yates and concluded that each is unable to pay any settlement to the Class. Accordingly, the settlement requires no payment from these two defendants.
With these three settlements, each of the defendants in the WorldCom Securities Class Action has settled with Hevesi. Taken with the anticipated proceeds from the Sullivan settlement, the total recovery obtained for the Class exceeds $6.136 billion, with $18 million to $28 million in additional money expected to be recovered from the sale of assets covered by the recent Ebbers’ settlement.
The settlements with Sullivan, Myers and Yates must be preliminarily approved by Judge Denise Cote, who has scheduled a hearing for this Thursday, July 28, at 11 a.m. The final approval hearing for these settlements, as well as the settlements reached earlier this year with WorldCom’s former auditors and directors, and certain of WorldCom’s former underwriters (including JPMorgan Chase and Bank of America)
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