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NEW YORK (CNN/Money) -
Three former top executives at bankrupt telecom WorldCom, including its ex-chief financial officer, settled a class-action lawsuit stemming from an $11 billion accounting fraud that brought down the company three years ago.
Ex-CFO Scott Sullivan, as well as former controller David Myers and former accounting director Buford Yates Jr. pleaded guilty to crimes stemming from the WorldCom scandal and cooperated with the U.S. Attorney's Office in the prosecution of former WorldCom chief executive officer Bernard Ebbers.
Sullivan was the star witness against Ebbers, who was sentenced to 25 years in prison.
The settlement requires Sullivan to sell the estate mansion that he and his wife had been building in Boca Raton, Fla.
In addition to surrendering the house, Sullivan is required to liquidate what remains in his WorldCom 401(k) account and turn that money over to investors.
Sullivan has turned over substantially all of his assets other than personal effects, business interests that have been determined to be virtually worthless and some modest retirement assets, according to New York State Comptroller Alan Hevesi.
The agreement settled Sullivan's part in a lawsuit brought by investors who lost billions of dollars when WorldCom collapsed.
Defendants Myers and Yates were not required to make any payment in the settlement.
The three men face sentencing Aug. 11 for their role in the fraud.
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