Attention Salomon Smith Barney Customers: WorldCom Class Action Settlement with Citigroup Is Estimated to Be Worth Less Than 1 Cent on the Dollar for Stockholders Announces Klayman & Toskes, P.A. -- MCIA, C


NEW YORK, June 21, 2004 (PRIMEZONE) -- The securities arbitration law firm of Klayman & Toskes, P.A. ("K&T") (http://www.nasd-law.com) estimates that WorldCom (Pink Sheets:MCIA) stockholders will likely recover less than one cent on the dollar for their damages. According to the settlement in the class action case No. 02 Civ. 3288 DLC, Citigroup (NYSE:C) will pay stockholders $1.2 billion to settle their class action claims. As investors have lost over $100 billion in market value, this settlement represents a small fraction of their damages.

K&T is currently pursuing individual securities arbitration claims worth over one hundred million dollars against Citigroup's wholly owned subsidiary, Salomon Smith Barney, on behalf of many high net worth investors and large groups of current and former MCI/WorldCom employees who held large non-diversified positions in WorldCom stock. These investors have filed opt-out notices to be excluded from the class action case.

In Securities Arbitration, investors who received arbitration awards recouped an average amount of 61% of the losses claimed. Additionally, 30% of the time arbitrators awarded investors the full amount of losses claimed.

Accordingly, securities arbitration law experts contend that it makes economic sense to opt out of a class action if you have a very large claim. For small claimants, however, the cost of pursuing an individual lawsuit may be larger than the amount that they could recover. Investors also need to be aware of the statute of limitations for filing these types of claims.

In April 2003, K&T authored a detailed study on the appropriate path for securities dispute resolution against Wall Street brokerage firms. A link to the study is available at the firm's website, (http://www.nasd-law.com), under "The Process" heading at the end of the first paragraph.

K&T has offices in California, Florida and New York and represents investors throughout the nation before New York Stock Exchange (NYSE) and National Association of Securities Dealers (NASD) arbitration panels. If you wish to discuss this announcement or have information relevant to our securities arbitration claims, please contact Lawrence L. Klayman, Esquire of Klayman & Toskes, P.A., 888-997-9956 or visit us on the web at http://www.nasd-law.com.



            

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