A federal judge Wednesday approved legal settlements set to return more than $6.13 billion to investors who suffered losses in the massive WorldCom Inc. accounting fraud.

The deals, approved by U.S. District Judge Denise Cote, would divide payments among about 830,000 people and institutions that held stocks or bonds in the telecommunications company around the time of its collapse in 2002.

Lawyers involved in the case said many investors would be getting back only a fraction of what they lost in the company’s collapse.

John P. Coffey, a lawyer for the investors, said payouts were unlikely to begin before next summer because it would take that long to determine how much money each claim is worth.