Larry Ribstein has a commentary (Jan. 6) on the just-announced WorldCom settlement, in which ten of the company’s directors, notably including prominent former Georgetown Law School dean Judith Areen, agreed to contribute $18 million from their own personal funds toward the settlement of investors’ class action claims arising from the company’s giant accounting scandal. Update Jan. 12: following closely on the heels of the WorldCom settlement, Enron directors agreed to a settlement likewise throwing personal funds into the kitty; in this case the semi-celebrity outside director who settled was Wendy Lee Gramm. Ribstein again comments.
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In class actions
“Criminalizing corporate governance”
Larry Ribstein has hard-hitting posts on the subject here and here, winning accolades from, among others, Brad DeLong. For his comments on directors’ personal liability, see links from Overlawyered, Jan. 7….