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S.E.C. v. WORLDCOM, INC.

No. 02 Civ. 4963(JSR).

273 F.Supp.2d 431 (2003)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff, v. WORLDCOM, INC., Defendant.

United States District Court, S.D. New York.

As Corrected July 7, 2003.

Attorney(s) appearing for the Case

Robert Blackburn, SEC-NERO, New York City, Arthur S. Lowry, William R. Baker, III, Peter H. Bresnan, Division of Enforcement, U.S. S.E.C., Washington, DC, for Plaintiff.

Paul C. Curnin, Simpson, Thacher & Bartlett, New York City, Richard C. Breeden, Richard C. Breeden & Co., Greenwich, CT, for Defendant.

OPINION AND ORDER

RAKOFF, District Judge.

This case raises fundamental questions about how market regulators, and the courts, should respond when criminals use the vehicle of a public company to commit a massive fraud. While the persons who perpetrated the fraud can be criminally prosecuted, the exposure of the fraud often creates liquidity pressures that can drive the company into bankruptcy, leaving unsecured creditors with little and shareholders...

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