Precedent setting liability settlement in WorldCom shareholder action

[burythehatchet]

According to the WSJ 1/6/05, an interesting agreement has been reached. Of a total settlement of $54 million, $18 million will have to come, in principle, from individual former directors. Insurance companies pay the balance. The attachment of a personal liability breaks new ground and could become a very interesting "check and balance" on corporate power, in my opinion.

[mdhunter]

1. Pennies.

[Jacobin]

2. exactly

It wasn't precedent setting anyway, as the MSM has screeched. Directors get sued and pay money to settle lawsuits when they have been derelict in their duty, and not just E&O insurance money, either.

They scammed off WAAAAAY more than they had to pay.

Its a fucking whitewash of the wrongdoing.