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WorldCom's shareholder suit held key to problems but was dismissed.

Miami Herald (Miami, FL)

| August 06, 2002 | COPYRIGHT 2002 The Miami Herald. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: Beatrice E. Garcia

MIAMI _ WorldCom's former CFO and controller have been blamed for the fraud that has brought telecom giant to its knees.

And just Thursday, analysts uncovered another $3.3 billion in improperly accounted losses at the crippled company.

But a shareholder lawsuit filed against WorldCom last June presented a pattern of financial machinations used to pump up revenues and hold down expenses _ and alleged the scheme was probably well known to top management.

The suit, dismissed by a federal district court judge in WorldCom's hometown of Jackson, Miss., and now being appealed, provides enough details to make it read ...

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