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California State University, Dominguez Hills
University of Wisconsin, Parkside
Created: February 6, 2006
Latest Update: February 6, 2006
This backup copy is to be used only if the original site on the Web is not accessible. It is meant to preserve the document for teaching purposes, when sometimes the URLS are changed when sites are updated, or sites are eliminated. Please be certain to give credit if you refer to this to the original URL: http://select.nytimes.com/search/restricted/article?res=FB0812F73E5B0C7A8DDDA90994DD404482. Original URL, consulted: February 3, 2006.
Emphasis added by highlighting.
Pension Funds in WorldCom Settlement
( By Reuters ) 209 words
Published: October 19, 2005
New York City's five public-employee pension funds said yesterday that they had reached a $78.9 million fraud settlement against a group of banks and other defendants stemming from the collapse of WorldCom.
The agreement came after the funds -- betting that they could win a better deal by pursuing their own suit -- pulled out of wider settlement negotiations last year that led to a $6.1 billion recovery for other WorldCom investors.
The city pension funds lost more than $200 million on their investments in WorldCom shares and bonds, about $130 million of that considered directly related to the fraud at the telecommunications company, according to Bruce E. Stanton, a senior lawyer in the pensions division at the New York City Law Department.
The funds said the settlement was about three times the size of what they would have received as part of the wider class-action case brought by the New York State comptroller, Alan G. Hevesi.
The settlement in that case was approved by a federal district judge in Manhattan last month.
Copyright 2006 The New York Times Company