Judge Approves CA Ex-CEO's $800M Restitution

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A U.S. judge approved a settlement today that requires the former CEO of Computer Associates to pay $800 million in restitution to his victims over his lifetime. Oh yeah, and $52 million of that is due by the end of the year.

Kumar agreed to pay $52 million by the end of next year by liquidating assets belonging to him and his family including real estate, luxury cars and a yacht, according to court documents.
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Sucks to be him, $800 million smackers is quite a lot of money. I wonder what his financial worth is?
 
The Feinberg Fund will distribute the restitution amount to the victims. The restitution agreement allows investors who lost more than $5 because of the fraud to recover about 2.32 percent of their losses, according to Feinberg.

Since the largest group of 'investors' by far is the big banks, this doesn't bother me overly much.
 
I'm trying to shed a tear for this poor man.

Still trying.

Hope he ends up in Federal PMITA prison.
 
Wow, 30% of $800 million. I wish I belonged to the law firm involved in this case. They are the only ones truly making out on this deal. Wahoo! Investors get to recover 2.32% of their losses...if that.

I know the reality of the situation may be slightly different. But, in the end the ONLY party that truly benefits are the lawyers.
 
Ravenrex said:
Wow, 30% of $800 million. I wish I belonged to the law firm involved in this case. They are the only ones truly making out on this deal. Wahoo! Investors get to recover 2.32% of their losses...if that.

I know the reality of the situation may be slightly different. But, in the end the ONLY party that truly benefits are the lawyers.
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at least it provides a bit more of a deterrent to other people in places of power in corporations. best way to hurt a rich person is to make them poor.
 
"The settlement is going to allow his family to live reasonably well. That's fair. They didn't commit any crimes,"
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WTF? That's like saying well I robbed a bank, but my family didn't rob it so they should keep the house I bought using that money.
 
2.2 Billion in fraudulent theft.

1.02 Billion in restitution.

800 Million from the named defendant.

Conclusion: CRIME PAYS! - BIG TIME!
 
12-years in the slammer for a billion bucks? I will work full time for 30+ years and not come close to that. However, I think that, if I enjoy my job and my life (which I do), 12 years lost could not be compensated with any amount of money.
 
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