MCI WorldCom faces a class action suit alleging that some shareholders who traded SkyTel Communications stock lost money after MCI WorldCom last week appeared to deny reports that it planned to buy the paging company. The suit says MCI WorldCom falsely scuttled takeover talk May 25, in response to a report that the company said its registration of the skytelworldcom.com Internet address was "not an indication of official company intention" to buy SkyTel. Three days later, after the stock had fallen about 16 percent, MCI WorldCom announced an agreement to buy SkyTel. Separately, the Wall Street Journal reported that the SEC may investigate the case.
California's plan to sell salary data to creditors was blocked by Gov. Gray Davis (D), who cited privacy concerns.
Europe's largest stock exchanges agreed to work toward common opening and closing times and holidays to make doing business easier for members and clients. The Federation of European Stock Exchanges, which includes the main stock exchanges of 18 countries, also admitted the exchanges of Budapest, Warsaw and Ljubljana, Slovenia, as associate members.
Deutsche Bank completed its purchase of Bankers Trust for $9 billion, creating the world's largest financial services company.
Williams Industries, a Falls Church heavy-construction company, reported that net income in its fiscal third quarter, ended April 30, fell 34 percent, to $200,307, on revenue of $9.4 million, largely because of an extraordinary item related to early payoff of loans. Operating income before that item was $392,857, a 30 percent increase.