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Article: SEC fines WorldCom $500 million. (Business).
- Article from:
- Fiber Optics Weekly Update
- Article date:
- May 23, 2003
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The Securities and Exchange Commission filed a proposed settlement in its civil action against WorldCom Inc. in federal district court in the Southern District of New York. The proposed settlement, which is subject to the approval of both the District Court hearing the Commission s action against WorldCom and the Bankruptcy Court handling WorldCom's bankruptcy case, provides for a judgment in the Commission's action requiring WorldCom to pay a civil penalty of $1,510,000,000.
As a result of the company's pending bankruptcy case, the proposed settlement provides for satisfaction of the Commission's judgment by WorldCom's payment, after review and approval of the ...