Ebbers to Forfeit Assets in Settlement
Carrie Johnson writes in The Washington Post:
Convicted former WorldCom Inc. chief executive Bernard J. Ebbers today agreed to hand over as much as $40 million in cash, property and business interests to settle a class action lawsuit filed by investors in the telecommunications company.
Under the terms of the deal, Ebbers will pay $5 million in cash and turn over his interest in a lumber company, a trucking firm and a marina. Ebbers and his wife also must move out of their Clinton, Miss., mansion by Oct. 31 so that plaintiffs' lawyers can sell it. He will keep an unspecified amount of money to pay legal fees and to provide for his wife, attorneys for the plaintiffs said.
posted by Fergie @ 6/30/2005 09:51:00 AM
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