A Federal Court Judge ruled that one part of this suit was illegal by limiting director's potential liability and by exposing investment banks to greater damages. 10 former WorldCom directors had previously agreed to pay investors $18 million. With the dismissal of this lawsuit, investment banks are now eligible to try and recover losses. A trustee of the New York State Common Retirement Fund is now seeking $13 billion in damages from purchasing WorldCom securities. (Feb-03-05) [NEW YORK TIMES]

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