The 830,000 individual and institutional shareholders who lost money when WorldCom fell apart three years ago, were handed a small triumph this week when U.S. District Judge Denise Cote ordered investment banks, auditing firms and the firm's former directors to return $6.1 billion.
Citigroup will make the biggest payment, $2.8 billion, followed by $2 billion from JPMorgan Chase.
Although Cote called the settlement "historic," lawyers for the plaintiffs noted that they will only receive pennies on the dollars they had invested in WorldCom.
-
Amid a busy April for big hires, compliance tech provider COMPLY and wealthtech platform TIFIN have brought on industry vets Michael Stanton and Jeannette Kuda, respectively, aiming for strategic growth.
3h ago -
-
After a mixed quarter for the firm's wealth unit, CEO Ron Kruszewski predicted that the Fed may cut rates zero or just once or even hike them in 2024.
6h ago -
The U.S. Chamber of Commerce and other business groups contend the Federal Trade Commission has exceeded its authority in nullifying contracts that prohibit employees from switching jobs to competitors.
9h ago -
Retirement doesn't have to mean scrimping and saving. Here are five parts of the country where seniors are living large in their golden years.
April 24 -
Advisor360° names former MassMutual exec Mike Fanning as its new CEO
April 23