Something to take home and read over the weekend–here is a link to the recent WorldCom directed trustee decision discussed in this previous post here:
In re WorldCom, Inc. ERISA Litigation, 2005 U.S. Dist. LEXIS 1218 (S.D.N.Y. 2005)
Also, on a related matter, the Wall Street Journal is reporting: “Settlement Accord With Ex-Directors Of WorldCom Fails.” According to the article:
Less than a month after it was announced, an extraordinary agreement by 10 former WorldCom Inc. directors to pay $18 million out of their own pockets to settle a class-action suit has collapsed after the judge rejected a key provision of the deal.The agreement unraveled as the plaintiffs, led by New York State Comptroller Alan Hevesi, said they are withdrawing from the settlement because U.S. District Judge Denise Cote rejected a provision that relates to how much the remaining defendants in the suit might have to pay if they lose the case.