Retiree Sues Citigroup After Losing $2 Million Life Savings on MCI Stock

[NNN0LHI]

http://ap.tbo.com/ap/breaking/MGAL3D0CDJD.html

WEST PALM BEACH, Fla. (AP) - A retiree who lost $2 million when MCI and WorldCom stock plummeted sued Citigroup on Thursday for pain and suffering, possibly creating a new avenue of recourse for thousands of Americans who lost their fortunes in accounting scandals.

Anthony Amodio's lawsuit against the nation's largest bank alleges that he is now penniless with heart problems because he was advised to keep his 23,820 shares of WorldCom stock amid claims that the share price would climb to $150, even when it was valued in April 2002 at only $7.

The suit would be the first to compel depositions from former WorldCom CEO Bernard Ebbers, Citigroup Chairman Sanford Weill and its former star telecom analyst, Jack Grubman, said attorney Ted Babbitt. The suit blames them for recklessly and intentionally inflating claims about the stock's potential, making millions while countless Americans became virtually destitute.

"There isn't any dispute that these people were doing things to the detriment of their own clients, and yet they walk away without one person being indicted, without one criminal act being alleged, without one penny in civil suits personally against them, without any detriment whatsoever," Babbitt said. "They've gotten away with it so for. But this is going to be the key that opens the door."

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[silverweb]

1. Good!

Let's hope this opens a floodgate of lawsuits, with all the blame and expense put squarely where it belongs. I'd love nothing better than to see people's retirement losses recouped directly from CEO salaries and bonuses!

[LEFTofLEFT]

2. YES YES YES

Take them down.

[will work 4 food]

3. mci

still sucks. It is the worst company I have ever worked for. I am quitting tomorrow. And I don't even have another job. I can't stand the lies and BS.

[newyawker99]

4. Hi Your Highness!!

Welcome to DU!! :toast:

[yakmoe]

5. Thanks

Newyarker. BTW, I did quit and I got a better job no less than 6 hours later. I increased my working conditions a 100 fold and my base pay by 11k. :bounce: