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October 01, 2004

Alabama pension fund gets $111 million over WorldCom suit

WorldcomAlabama's pension fund received $111 million Thursday from three securities firms and an accounting firm to settle claims over the WorldCom bankruptcy. The settlement resolves the Retirement Systems of Alabama's claims against J.P. Morgan Securities, Citigroup Global Markets, Banc of America Securities, the parent companies of the firms and Arthur Andersen, World Com's former auditor. "It's a huge win for public pension funds, and it's a huge win for investors as a whole," said David Bronner, chief executive of the Retirement Systems of Alabama.

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Posted by Tom Troceen