Sat, 12 Mar 2005
From:

Four banks to pay $428.4m to settle WorldCom suit

Mark Johnson, Associated Press, Albany, New York

Four investment banks on Wednesday agreed to pay a total of US$428.4 million to settle claims stemming from a class-action lawsuit brought by former shareholders of WorldCom Inc.

New York state Comptroller Alan Hevesi said in a statement that he had reached an agreement with Amsterdam-based ABN AMRO Bank for $278.4 million. Mitsubishi Securities International PLC agreed to pay $75 million, while BNP Paribas Securities Corp. and Mizuho International both agreed to pay $37.5 million.

Wednesday's settlements bring the total amount paid by investment banks to settle the suit to $3.56 billion, surpassing the $3.2 billion settlement by services giant Cendant Corp. in 2000 over accounting fraud that cost shareholders billions, Hevesi said.

The WorldCom suit was brought against former officers and directors of the company; its accountant, Arthur Andersen LLP; and more than a dozen banks and brokerages that were underwriters of WorldCom bonds.

The announcement came as a jury was in its fourth day of deliberations in the fraud trial of former WorldCom CEO Bernard Ebbers, accused of orchestrating the accounting scheme that drove the telecommunications company into bankruptcy.

The parties that filed the suit claimed the defendants should have been aware of ongoing fraud at WorldCom, which has since emerged from bankruptcy as MCI Inc.

The agreement is the latest of a string of settlements connected to WorldCom.

Last week, Lehman Brothers Inc. of New York agreed to pay $62.7 million to settle the suit. Three other investment banks each agreed to pay $12.54 million. They are Credit Suisse First Boston, a unit of the Zurich-based Credit Suisse Group; Goldman, Sachs & Co. of New York, and UBS Warburg LLC of Stamford, Connecticut.

Hevesi has been the lead plaintiff in the case, in his role as sole trustee of New York's public employees retirement fund.

Hevesi said he remains willing to talk with other defendants about potential settlements but is ready to take the case to court March 17.

Last on Thursday, Bank of America Corp., which is headquartered in Charlotte, North Carolina, agreed to pay $460.5 million for its role in bond sales before WorldCom collapsed in 2002 amid allegations of an $11 billion accounting fraud. Late last year, Citigroup Inc., the nation's largest financial institution, paid $2.58 billion to settle its share of the class action suit.

Among the institutions that haven't yet settled are JPMorgan Chase & Co., as well as divisions of a few foreign banks, said John Chartier, a spokesman for Hevesi. Divisions of a number of foreign banks, including Frankfurt-based Deutsche Bank AG, also have yet to settle.





News Search/Filter
Transaction Rates
17 Oct 18
Buy
Sell
AED1
4,141.07
4,141.07
AFN1
200.00
200.00
ALL1
140.59
140.59
AMD1
31.42
31.42
ANG1
8,569.33
8,569.33
AOA1
50.52
50.52
ARS1
423.53
423.53
AUD1
10,858.36
10,858.36
AWG1
8,448.12
8,448.12
AZN1
8,934.44
8,934.44
BAM1
9,004.48
9,004.48
BBD1
7,605.45
7,605.45
BDT1
179.57
179.57
BGN1
9,003.57
9,003.57
BHD1
40,350.42
40,350.42
BIF1
8.49
8.49
BMD1
15,210.90
15,210.90
BND1
10,785.86
10,785.86
BOB1
2,200.85
2,200.85
BRL1
4,083.13
4,083.13
BSD1
15,210.90
15,210.90
BTC1
97,700,589
97,700,589
BTN1
206.69
206.69
BWP1
1,429.32
1,429.32
BYN1
7,214.06
7,214.06
BZD1
7,568.80
7,568.80
CAD1
11,758.18
11,758.18
CDF1
9.31
9.31
CHF1
15,357.25
15,357.25
CLF1
607,270.04
607,270.04
CLP1
22.74
22.74
CNH1
2,200.65
2,200.65
CNY1
2,200.64
2,200.64
COP1
4.91
4.91
CRC1
25.61
25.61
CUC1
15,210.90
15,210.90
CUP1
590.71
590.71
CVE1
159.44
159.44
CZK1
681.55
681.55
DJF1
85.45
85.45
DKK1
2,360.18
2,360.18
DOP1
304.54
304.54
DZD1
128.68
128.68
EGP1
849.34
849.34
ERN1
1,014.18
1,014.18
ETB1
545.75
545.75
EUR1
17,609.16
17,609.16
FJD1
7,139.77
7,139.77
FKP1
20,059.76
20,059.76
GBP1
20,059.76
20,059.76
GEL1
6,188.94
6,188.94
GGP1
20,059.76
20,059.76
GHS1
3,137.58
3,137.58
GIP1
20,059.76
20,059.76
GMD1
307.55
307.55
GNF1
1.67
1.67
GTQ1
1,968.42
1,968.42
GYD1
72.76
72.76
HKD1
1,940.85
1,940.85
HNL1
631.87
631.87
HRK1
2,374.42
2,374.42
HTG1
213.80
213.80
HUF1
54.70
54.70
IDR1
1.00
1.00
ILS1
4,177.22
4,177.22
IMP1
20,059.76
20,059.76
INR1
207.04
207.04
IQD1
12.76
12.76
IRR1
0.35
0.35
ISK1
128.88
128.88
JEP1
20,059.76
20,059.76
JMD1
113.78
113.78
JOD1
21,438.80
21,438.80
JPY1
135.39
135.39
KES1
150.69
150.69
KGS1
221.92
221.92
KHR1
3.72
3.72
KMF1
35.79
35.79
KPW1
16.90
16.90
KRW1
13.54
13.54
KWD1
50,187.90
50,187.90
KYD1
18,253.04
18,253.04
KZT1
41.42
41.42
LAK1
1.78
1.78
LBP1
10.07
10.07
LKR1
89.02
89.02
LRD1
96.88
96.88
LSL1
1,054.49
1,054.49
LYD1
10,999.87
10,999.87
MAD1
1,611.46
1,611.46
MDL1
892.72
892.72
MGA1
4.29
4.29
MKD1
286.31
286.31
MMK1
9.50
9.50
MNT1
6.11
6.11
MOP1
1,884.09
1,884.09
MRO1
42.60
42.60
MRU1
423.70
423.70
MUR1
442.82
442.82
MVR1
984.52
984.52
MWK1
20.91
20.91
MXN1
811.05
811.05
MYR1
3,662.25
3,662.25
MZN1
251.38
251.38
NAD1
1,054.02
1,054.02
NGN1
41.81
41.81
NIO1
473.40
473.40
NOK1
1,867.72
1,867.72
NPR1
129.18
129.18
NZD1
10,014.09
10,014.09
OMR1
39,511.39
39,511.39
PAB1
15,210.90
15,210.90
PEN1
4,565.70
4,565.70
PGK1
4,534.33
4,534.33
PHP1
282.56
282.56
PKR1
115.16
115.16
PLN1
4,107.61
4,107.61
PYG1
2.55
2.55
QAR1
4,177.67
4,177.67
RON1
3,773.49
3,773.49
RSD1
149.01
149.01
RUB1
232.85
232.85
RWF1
17.28
17.28
SAR1
4,054.77
4,054.77
SBD1
1,916.18
1,916.18
SCR1
1,116.88
1,116.88
SDG1
322.30
322.30
SEK1
1,707.13
1,707.13
SGD1
11,066.47
11,066.47
SHP1
20,059.76
20,059.76
SLL1
1.81
1.81
SOS1
26.27
26.27
SRD1
2,039.54
2,039.54
SSP1
116.77
116.77
STD1
0.72
0.72
STN1
716.81
716.81
SVC1
1,738.55
1,738.55
SYP1
29.53
29.53
SZL1
1,056.27
1,056.27
THB1
468.00
468.00
TJS1
1,613.89
1,613.89
TMT1
4,345.98
4,345.98
TND1
5,385.33
5,385.33
TOP1
6,596.53
6,596.53
TRY1
2,671.83
2,671.83
TTD1
2,256.63
2,256.63
TWD1
495.16
495.16
TZS1
6.64
6.64
UAH1
544.65
544.65
UGX1
4.02
4.02
USD1
15,210.90
15,210.90
UYU1
461.08
461.08
UZS1
1.85
1.85
VEF1
0.06
0.06
VND1
0.65
0.65
VUV1
136.84
136.84
WST1
5,816.37
5,816.37
XAF1
26.84
26.84
XAG1
222,976.18
222,976.18
XAU1
18,633,729.83
18,633,729.83
XCD1
5,628.35
5,628.35
XDR1
21,279.99
21,279.99
XOF1
26.84
26.84
XPD1
16,482,705.56
16,482,705.56
XPF1
147.56
147.56
XPT1
12,817,490.07
12,817,490.07
YER1
60.75
60.75
ZAR1
1,072.69
1,072.69
ZMW1
1,258.28
1,258.28
ZWL1
47.18
47.18
Taxation Exchange Rates
31 Aug 16 - 06 Sep 16
USD 1
13,232.00
AUD 1
10,043.30
CAD 1
10,213.70
DKK 1
1,999.40
HKD 1
1,706.22
MYR 1
3,283.28
NZD 1
9,623.63
NOK 1
1,605.23
GBP 1
17,433.70
SGD 1
9,757.68
SEK 1
1,569.45
CHF 1
13,631.10
JPY 100
13,101.00
MMK 1
11.01
INR 1
197.29
KWD 1
43,920.70
PKR 1
126.23
PHP 1
285.00
SAR 1
3,528.53
LKR 1
91.12
THB 1
382.08
BND 1
9,756.53
EUR 1
14,885.50
CNY 1
1,987.61

Okusi Associates: Indonesian Business & Management Services