NEW YORK, July 26, 2004 (PRIMEZONE) -- Parker & Waichman LLP (http://www.worldcomstockfraud.com/), is encouraging all current and former MCI WorldCom shareholders (Nasdaq:MCIP) and employees to evaluate their legal options as soon as possible before the September 1, 2004 class action opt-out deadline. The firm continues to believe that many current and former MCI WorldCom shareholders and employees may benefit from opting out of the class action settlement to pursue individual claims. Parker & Waichman is offering free opt-out case evaluations at http://www.worldcomstockfraud.com.
The settlement offer proposed by Citigroup (NYSE:C) was recently approved by Judge Denise Cote who is presiding over the MCI WorldCom class action litigation.
It is estimated that shareholders lost in excess of $100 billion on MCI WorldCom securities. It is believed that the proposed settlement will provide shareholders with less than 2 cents for every dollar lost. Parker & Waichman believes this settlement agreement does not provide adequate relief for MCI WorldCom shareholders and urges shareholders to determine if they would be better served by opting out of the settlement agreement.
Current and former shareholders who desire to opt-out of the WorldCom class action lawsuit must mail the opt-out form or required information before the September 1, 2004 opt-out deadline. This will permit them to pursue individual claims against the defendants, including Citigroup. Current and former WorldCom and MCI shareholders who do not specifically opt-out of the class action by filing the required form or information are automatically included in the class action lawsuit.
Current and former WorldCom and MCI shareholders and employees can visit http://www.worldcomstockfraud.com/ and http://www.worldcomclassaction.com/ to view and download the WorldCom class action opt-out form entitled, "Notice of Class Action."
Parker & Waichman, LLP and affiliated counsel are currently representing hundreds of current and former MCI WorldCom shareholders and employees. For more information on Parker & Waichman, LLP please visit http://www.yourlawyer.com/ or call 1-800-LAW-INFO. Current and former shareholders are also encouraged to visit http://www.injurytalk.com/.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca