Ten former WorldCom board members have to pay $18 million out of their own pockets in a settlement with investors who lost a fortune when the company collapsed in scandal. New York state Comptroller Alan Hevesi, the lead plaintiff in the class-action suit, insisted on it. From "All Things Considered:"
The notion that companies can commit fraud and that the directors can ignore that and not meet their obligations as fiduciary because they are covered by insurance and they don't even pay the premiums for it, we thought that, I thought that was just unfair and it was wrong.
That sure makes sense to me.
