H. Carl McCall, sole trustee of the $112 billion New York State Common...

H. Carl McCall, sole trustee of the $112 billion New York State Common Retirement Fund, Albany, filed a motion in federal court to be lead plaintiff in a shareholder lawsuit against WorldCom, some of its officers and directors, and its accounting firm, Arthur Andersen. The motion was filed in U.S. District Court for the Southern District of New York. The lawsuit alleges WorldCom engaged in accounting violations that resulted in overstating its income and earnings, thereby artificially inflating the value of its stock. The fund estimates that it lost more than $300 million as a result of WorldCom’s alleged wrongdoing.