According to The Guardian James Wareham, the legal representative of former director James Allen, confirmed that the directors would personally pay for part of the settlement, with a further $36m to be covered by directors’ liability insurance.
Although none of the directors involved were directly implicated in the Worldcom debacle, their settlement could see directors take on increasing accountability if they do not prevent matters from spiralling out of control.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements