Ebbers settlement gets preliminary OK
An AP newswire article, via MSNBC, reports that:
A judge gave her blessing Monday to a civil suit settlement under which former WorldCom chief Bernard Ebbers will forfeit nearly all his cash and personal assets — as much as $45 million.
U.S. District Judge Denise Cote gave preliminary approval to the deal two days before Ebbers, 63, faces sentencing, and almost certain lengthy prison time, on his criminal conviction in the record WorldCom fraud.
The civil settlement, which springs from a suit filed by angry former investors in the toppled telecom, will leave a modest Mississippi home for Ebbers’ wife and roughly $50,000 for her to live on.
posted by Fergie @ 7/11/2005 01:12:00 PM
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