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By ALM Staff | Law Journal Newsletters |
December 01, 2003

Press Reports Did Not Put Investors on Notice of Potential Fraud at WorldCom

The District Court for the Southern District of New York has refused to dismiss the claims of an Ohio pension fund in the WorldCom case based on the argument of defendant, Salomon Smith Barney, that investors were placed on notice of the alleged fraud by virtue of press reports about the allegedly “illicit relationship” between WorldCom, Salomon Smith Barney and telecommunications analyst Jack Grubman. The court reasoned that as a matter of law, the press reports are simply too vague to support the conclusion that plaintiffs were on notice as to possible claims that Salomon's financial reporting on WorldCom was tainted. Public Employees Retirement System of Ohio v. Ebbers (In re WorldCom, Inc. Securities Litigation), No. 02cv03288 (Nov. 25).

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