ABN AMRO says it has reached an agreement to settle class action litigation filed by purchasers of securities in WorldCom. The settlement was reached in the US District Court for the Southern District of New York.
Under the settlement, ABN AMRO will make a payment of US$ 278 million to the settlement class, which includes those class members who purchased or otherwise acquired debt securities issued by WorldCom in connection with an offering in 2001.
In deciding to reach a settlement, ABN AMRO says it is making no admission of wrongdoing or liability. ABN AMRO says it believes that it is in the company’s interest to resolve the claims and put an end to the uncertainties and distraction of protracted litigation.