Three former executives at WorldCom Inc have reached a financial settlement with investors stemming from the collapse of the telecommunications company, according to court papers. Former financial chief Scott Sullivan, former controller David Myers and ex-accounting director Buford Yates have agreed to settle a class-action suit with stock and bond holders, according to a memorandum from Manhattan federal judge Denise Cote on Monday.
Details of the proposed settlement were not released. The judge scheduled a hearing for Thursday to consider preliminary approval of the agreements.
The three former executives were the only remaining defendants in the class-action lawsuit, which is being overseen by New York State Comptroller Alan Hevesi on behalf of other WorldCom investors.
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