WorldCom faces fraud charges

WorldCom, the telecommunications company embroiled in the latest accounting fraud is to face a class action suit filed by the US district court for wrongly representing its financial status. The US President had earlier promised that the matter would be thoroughly investigated.

Former CEO of WorldCom, Bernie Ebbers, who was forced to resign following pressure from outside shareholders and loans he had taken from the company amounting to over $366 million and other members of the board have already been subpoenaed.