New York (July 8, 2003) -- A federal judge here approved a record settlement plan whereby bankrupt telecommunications concern WorldCom Inc. would pay a total of $750 million in cash and stock to settle fraud charges as a result of its mammoth accounting scandal.
U.S. District Judge Jed Rakoff approved WorldCom's settlement with the Securities and Exchange Commission, whereby the company agreed to pay $500 million in cash and $250 million in stock after it emerges from bankruptcy protection later this year. The proceeds would then be distributed to bondholders and shareholders.
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