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.
-
Terri Kallsen will precede him next year as chair of the Board of Directors; Seay will take over that role in 2027.
9h ago -
The popular industry recruiting and retention barometer provided another window into the challenges facing LPL Financial with its latest major acquisition.
11h ago -
The Wall Street powerhouse has built its wealth division in large part through big deals but is not "looking to make acquisitions just for the sake of it, " said CEO Ted Pick.
11h ago -
But the Bank of America subsidiaries nonetheless reported rises in AUM and net revenue in the second quarter while adding thousands of new client relationships.
July 16 -
The accusations led to the end of 16 years at the firm.
July 15 -
In an earnings call Tuesday, CEO Charlie Scharf credited brokers in the firm's branches for working with consumer bankers for a 10% increase in new assets.
July 15