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The Bankruptcy Hotline
Transfer of WorldCom Fraud Claim Rejected
The District Court for the Southern District of New York has rejected an attempt by nine New York City pension funds to have their fraud case against the former Chief Operating Officer of WorldCom Inc. and others transferred to state court. New York City Employees Retirement System v. Ebbers (In re WorldCom, Inc. Securities Litigation), No. 02 Civ. 8981 (March 3, 2003).
The pension funds argued that their fraud claim should be heard in state court because it was not 'related to' the bankruptcy within the meaning of the Code's subject matter jurisdiction provision, 28 U.S.C. ' 1334 (b). In addition, even if bankruptcy jurisdiction existed, the pension fund claimed that the federal court should abstain from exercising jurisdiction or at least remand the case to state court based on equitable considerations. The defendants, including WorldCom directors and underwriting investment banks, replied that the 'related-to' standard was met by the indemnification and contribution rights asserted against the company and company insurance policies covering the directors.
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