January 31, 2003
U. of California System to Sue WorldCom
The bear market has bitten the University of California system harder than most colleges, chomping hundreds of millions in investment losses from its financial hide. UC, however, is biting back.
The system plans to sue WorldCom under the state's securities-fraud laws. The company's once-high-flying stock plummeted amid reports of improper financial accounting.
The university, which had owned 10.2 million shares of WorldCom stock, lost $353-million.
Other defendants in
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