NEW YORK WorldCom settlement doesn't set fine amount

NEW YORK (AP) -- A federal judge approved a settlement between WorldCom Inc. and federal regulators Tuesday that calls for an unspecified fine and continued government oversight of the telecommunications company.
The settlement, stemming from civil fraud charges related to the company's $9 billion accounting scandal, includes a permanent injunction barring further violations of security laws, U.S. District Judge Jed Rakoff said.
The settlement also calls for the continuation of a court-appointed monitor for WorldCom, with the possibility of expanding the monitor's role, Rakoff said.
WorldCom also agreed to hire an outside consultant to review its internal accounting controls, and provide mandatory accounting and ethics training for accounting employees for at least three years.
Amount of fine
Rakoff said WorldCom's monetary penalty would be determined later. SEC officials would not say what size fine they would seek. The judge is not expected to decide on a fine until next year. WorldCom lawyer Paul Curnan said the company hoped to persuade Rakoff not to issue a fine in the case.
Discussing a fine, Rakoff said he had received many letters from company investors recounting "pain they have felt" from the company's July bankruptcy. But he also said he would consider WorldCom's reform efforts.
Mississippi-based WorldCom, whose MCI unit is the No. 2 U.S. long-distance company with 20 million customers, filed the largest bankruptcy in U.S. corporate history in July.