KKTV 11 News | Colorado Springs, Pueblo | News

MCI Worldcom Relief

By: KKTV
By: KKTV

When Worldcom filed the largest bankruptcy in corporate history last year, a lot of local people lost jobs, and money.

Many are still trying to salvage their losses.

Saturday, about 50 shareholders and former employees met with a lawyer to find out how to get their money back.

Four lawfirms in the country have filed some 6,000 lawsuits on behalf of shareholders.

And lawyers are touring the country to drum up even more.

Lawyers say Citigroup loaned Worldcom 1 billion dollars without disclosing it to investors.

And its brokarage firm, Smith Barney published false and misleading research reports that investors relied upon.

Since Worldcom is now bankrupt, lawyers are advising victims to sue Citigroup which has 1.3 trillion dollars in assets.

Once victims file their claim, lawyers say it takes 12 to 18 months to get a hearing.


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