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Banks pay $428.4m to settle WorldCom fraud charges

Four banks have agreed to pay a total of $428.4m (€319m) to settle fraud allegations related to the sale of bonds in WorldCom, the bankrupt telecoms company, ahead of a trial scheduled for later this month.

ABN Amro will pay $278.4m; Mitsubishi Securities, $75m; and BNP Paribas and Mizuho International, $37.5m each.

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