BNET Industries
- Private
- US
Dow Jones Description
Located in Clinton, MS. WorldCom is one of the world's largest telecommunications companies with 20 million consumer customers, thousands of corporate clients and 80,000 employees. MCI refers to its long distance service. It also owns UUNet, controlling the wires that Internet service providers use as superhighways to carry Internet traffic between cities and across continents. Even before the recent accounting disclosures, by 2001, WorldCom was already going through financial turmoil due to large debt and declining rates and revenue. Growth in the telecommunications industry was slowing and the company had too much network capacity. The company was deep in debt from an ambitious buying spree. There were also the controversial $408 million loans to CEO Bernie Ebbers to cover his margin calls on loans secured by company stock.
Peer Companies
NAICS Code Wired Telecommunications Carriers: 517110
News & Analysis
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settlement and worldcom inc. - All News and Analysis
The past is prologue: lessons from the stock-parking events of the 1980s
- 2006-12-15
History is rife with fraud-based operational risk events--trading frauds, pyramid schemes, regulatory investigations, and securities laws violations--and their attendant lessons learned. We might think a situation in 2005 is completely different from one in 1985, but the underlying issues never really change. Market practice issues are receiving a whole...
New York City plans settle with WorldCom bond underwriters.(News Briefs)(Employees Retirement System)(Brief Article)
- 2005-10-31
NEW YORK - New York City Retirement Systems on Oct. 18 reached a $78.87 million settlement with the six underwriters of two bond offerings by the former WorldCom Inc., confirmed Yvette Jackson, spokeswoman for William C. Thompson Jr., city comptrolle NEW YORK - New York City...
Bank sues own captive over WorldCom claim.
- 2005-09-05
Byline: DOUGLAS McLEOD PROVIDENCE, R.I.-Bank of America Corp. has filed bad-faith charges against its own Vermont-based captive insurer and units of Chubb Corp. for their alleged refusal to cover more than $24 million of the bank's $460.5 million Byline: DOUGLAS McLEOD ...
Thanks, Mr. Hevesi.(a class action lawsuit between Alan G. Hevesi and MCI Inc.)(Editorial)
- 2005-07-25
Pension funds, as they collect their WorldCom Inc. class-action claims, ought to remember who achieved the settlements. Alan G. Hevesi, New York state comptroller and sole trustee of the New York State Common Retirement Fund, in his relentless pursui Pension funds, as they collect their WorldCom...
Andersen settlement receives preliminary OK.(Briefs)(Brief Article)
- 2005-05-02
NEW YORK - A $65 million cash settlement from Arthur Andersen LLP over securities fraud charges related to the WorldCom Inc. collapse received preliminary court approval April 26, confirmed Len Barrack, co-lead counsel for the plaintiffs. U.S. Distri NEW YORK - A $65 million cash settlement...
WorldCom case opens up can of worms for fund directors; Will a company face personal liability if it loses a lawsuit?(News)
- 2005-04-25
Byline: David Hoffman NEW YORK - If mutual fund directors find themselves on the losing end of a lawsuit, they could be asked to dig into their own pockets. That is the message some securities lawyers said...
WorldCom director to settle claims from personal funds; Overall settlement exceeds $6 billion.(News)
- 2005-03-28
Byline: MICHAEL BRADFORD NEW YORK-Former WorldCom Inc. Chairman Bert Roberts, the final director defendant in the securities class action against the failed telecommunications giant, will pay $4.5 million from his personal assets to settle claims Byline: MICHAEL BRADFORD NEW...
JPMorgan OKs $2 billion deal on WorldCom
- 2005-03-17
NEW YORK -- JPMorgan Chase & Co., the nation's second largest financial institution, agreed on Wednesday to pay $2 billion to settle claims from investors who lost money in the collapse of WorldCom Inc. It was the last major bank to reach a settlement in the class action...
J.P. Morgan settles WorldCom claims for $2 billion
- 2005-03-17
NEW YORK -- J.P. Morgan Chase agreed Wednesday to pay $2 billion to settle claims of thousands of investors who lost money in the collapse of WorldCom, becoming the last major bank to reach a deal. The surprise announcement by New York Comptroller Alan Hevesi, the court-appointed lead plaintiff...
JP Morgan Chase to pay two billion dollars to settle WorldCom claims
- 2005-03-16
NEW YORK AFP — JP Morgan Chase said it will pay two billion dollars to settle claims it aided and abetted WorldCom in deceiving investors before the telecom firm's bankruptcy. The settlement, the second biggest in the case, comes just a day before the banking firm was to go...
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