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WorldCom gets nod to settle fraud charges
New York, Aug 08: Bankrupt WorldCom on Wednesday closed a chapter in its historic fall from grace by winning approval from a bankruptcy judge to settle civil fraud charges and pay a record $750m fine.
New York, Aug 08: Bankrupt WorldCom on Wednesday closed a chapter in its historic fall from grace by winning approval from a bankruptcy judge to settle civil fraud charges and pay a record $750m fine.
The telecom major agreed to pay $500m in cash and $250m in stock to settle SEC charges, clearing a major hurdle for the carrier to emerge from bankruptcy protection.
The $750m will go to bondholders and shareholders who lost more than $200bn through WorldCom’s downfall. Bureau Report