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Case Status:    SETTLED
On or around 10/02/2006 (Date of stipulation and/or agreement of settlement)

Filing Date: February 04, 2002

As summarized by the lead counsel’s web site, on October 27, 2006, the Court approved a $99 million settlement with various financial institutions including Goldman Sachs, Merrill Lynch, JP Morgan, CIBC and others. CIBC is paying $16.5 million toward the settlement. The remaining $82.5 million is being paid by the other settling financial institutions.

Previously, according to the same source, on October 27, 2005, the Court approved a settlement with Arthur Andersen LLP and all Andersen-related defendants. The settlement is for $25 million cash and brings the total of partial settlements in this case to $345 million.

On July 8, 2005, the Court approved a $75 million settlement between the plaintiffs and Citigroup-related defendants (Salomon Smith Barney and Jack Grubman) was announced.

The court, on November 10, 2004, approved a settlement with the Global Crossing-related defendants, including co-founder Gary Winnick and Global Crossing's former outside counsel, Simpson Thacher & Bartlett. The value of the settlement is approxmiately $245 million (subject to fluctuations in the US dollar / UK pounds exchange rate).

As stated on the lead counsel's website, on January 28, 2003, the Consolidated Class Action Complaint was filed. The Complaint asserts federal securities claims on behalf of all purchasers of Global Crossing securities between February 1, 1999 and January 28, 2002 against various defendants, including current and former officers and directors of Global Crossing, Arthur Andersen, Salomon Smith Barney and other financial institutions.On August 11, 2003, an Amended Consolidated Class Action Complaint was filed for the purpose of asserting federal securities claims on behalf of all purchasers of Asia Global Crossing securities between October 6, 2000 and November 17, 2002 against various defendants, including current and former officers and directors of Asia Global Crossing, Arthur Andersen, Salomon Smith Barney and other financial institutions.

Many similar actions were filed in various district courts regarding Global Crossing and Asia Global Crossing securities, specifically in: the Central District of California, Southern District of New York, Western District of New York, District of District of Columbia, and the District of New Jersey. In September 2002, according to the Transfer Order, the actions pending outside the Southern District of New York were transferred to the Southern District of New York and assigned to the Honorable Gerard. E. Lynch. All securities actions were consolidated under 02-CV-910. Also that month, actions regarding securities class action claims as well as ERISA claims were assigned to the Honorable Gerard E. Lynch for coordinated or consolidated proceedings under Multidistrict Litigation, case number 02-MD-1472.

According to a press release dated October 10, 2002, notice is hereby given that a class action lawsuit was filed in the United States District Court for the Central District of California, Western Division, Los Angeles on behalf of all purchasers of the common stock of Asia Global Crossing Ltd. (OTC: ASGXF) from October 6, 2001 through January 28, 2002, inclusive (the "Class Period"). The complaint charges Asia Global Crossing Ltd. and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Specifically, the complaint alleges that the managers of Asia Global Crossing Ltd. and Global Crossing Ltd. hid the declining financial conditions of both of the jointly-managed companies from Asia Global Crossing's investors. The Complaint alleges that defendants falsely represented to the investing public that Global Crossing would be able to provide its subsidiary Asia Global Crossing with a $400 million dollar line of credit, and that the value of Asia Global's hard assets -- primarily composed of its cable lines and transmission equipment -- had not been significantly affected by the worldwide glut of fiber-optic capacity.

The first filed complaint charges defendants with violations of securities laws, including Sections 10(b) and 20 of the federal securities laws. The complaint alleges that defendants issued false and misleading press releases regarding Global Crossing's financial statements. In particular, the complaint alleges that, among other things, defendants engaged in an accounting practice known as "round-tripping" which artificially inflated Global Crossing's revenues and operating performance. Specifically, the complaint alleges that defendants issued false and misleading statements and press releases in regard to Global Crossing's ability to offset declining wholesale demand for bandwidth capacity with higher-margin, customized data services and the Company's ability to generate sufficient cash revenue to service its debt. The complaint further alleges that during the Class Period, before the disclosure of the true facts, the Individual Defendants and certain Global Crossing insiders sold their personally held Global Crossing common stock generating more than $1.5 billion in proceeds and the Company raised over $7 billion in debt and equity offerings. However, the full extent of Global Crossing's cash flow crisis, and its failure to compete in the market for customized communications services, began to emerge on October 4, 2001. On that date, the Company issued a string of stunning announcements: cash revenues in the third quarter would be approximately $1.2 billion, $400 million less than the $1.6 billion expected by a consensus of analysts surveyed by Thomson Financial/First Call.

The first complaint was filed on behalf of all investors who purchased Senior Unsecured Notes of Global Crossing, Ltd. during the Class Period of January 2, 2001 and October 4, 2001. The Notes include the following:

9.625% Senior Notes due on May 15, 2008 (issued May 18, 1998)

9.5% Senior Notes due on November 15, 2009 (issued November 12, 1999)

9.125% Senior Notes due on November 15, 2006 (issued November 12, 1999)

8.7% Senior Notes due in August of 2007 (issued January 23, 2001)

Note: On January 28, 2002, Global Crossing commenced Chapter 11 bankruptcy proceedings. Due to the bankruptcy filing, Global Crossing is not named as a defendant in the action. On November 17, 2002, Asia Global Crossing filed for bankruptcy protection under Chapter 11. The case is also stayed against Asia Global Crossing.

COMPANY INFORMATION:

Sector: Services
Industry: Communications Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: GX
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 02-CV-01039
JUDGE: Hon. Ronald Lew
DATE FILED: 02/04/2002
CLASS PERIOD START: 01/02/2001
CLASS PERIOD END: 10/04/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abraham, Fruchter & Twersky (New York, 42 Street)
    60 East 42 Street, Abraham, Fruchter & Twersky (New York, 42 Street), NY 10021
    212.687.6655 ·
  2. Beatie & Osborne LLP
    599 Lexington Avenue, 42nd Floor, Beatie & Osborne LLP, NY 10022
    212.888.9000 212.888.9664 ·
  3. Berman DeValerio Pease Tabacco Burt & Pucillo (CA)
    425 California Street, Suite 2025, Berman DeValerio Pease Tabacco Burt & Pucillo (CA), CA 94104
    415.433.3200 415.433.6382 ·
  4. Cohen Milstein Hausfeld & Toll PLLC (Seattle WA)
    701 Fifth Avenue, Suite 6860, Cohen Milstein Hausfeld & Toll PLLC (Seattle WA), WA 98014
    206.521.0080 206.521.0166 · lawinfo@cmht.com
  5. Farrow, Bramson & Plutzik
    2125 Oak Grove Rd., Suite 120, Farrow, Bramson & Plutzik, CA 94598
    925-945-0200 · fbbp@hotcoco.infi.net
  6. Finkelstein, Thompson & Loughran
    1050 30th Street, NW, Finkelstein, Thompson & Loughran, DC 20007
    202.337.8000 202.337.8090 · contact@ftllaw.com
  7. Johnson & Perkinson
    1690 Williston Road, Johnson & Perkinson, VT 05403
    802.862.0030 802.862.0060 · JPLAW@adelphia.net
  8. Kaplan Fox & Kilsheimer, LLP (San Francisco, CA)
    100 Pine Street, 26th Floor, Kaplan Fox & Kilsheimer, LLP (San Francisco, CA), CA 94111
    415.772.4700 415.677.1233 · info@kaplanfox.com
  9. Krause Kalfayan Benink & Slavens, LLP (San Diego)
    1010 Second Avenue, Suite 1750, Krause Kalfayan Benink & Slavens, LLP (San Diego), CA 92101
    619.232.0331 619.232.4019 ·
  10. Law Offices of John W. Allured
    One Maritime Plaza, Suite 1040, Law Offices of John W. Allured, CA 94111
    415-675-2960 ·
  11. Leo W. Desmond
    2161 Palm Beach Lakes Boulevard, Suite 204, Leo W. Desmond, FL 33409
    561.712.8000 561.712.8000 · stocklaw@bellsouth.net
  12. Mark McNair
    1919 Pennsylvania Avenue, NW, Suite 800, Mark McNair , DC 20006
    703.273.3070 · wmmcnair@justice4investors.com
  13. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
  14. Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA)
    600 West Broadway, 1800 One America Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA), CA 92101
    800.449.4900 · support@milberg.com
  15. Neiman, Garland, and Urbach

    866-539-3788 · jeffreyneiman@aol.com
  16. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  17. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 · email@rabinlaw.com
  18. Schoengold & Sporn PC (New York)
    233 Broadway 39Th Floor, Schoengold & Sporn PC (New York), NY 10279
    212.964.0046 ·
  19. The Emerson Firm
    2228 Cottondale Avenue, Suite 100, The Emerson Firm, AR 72202
    800.663.9817 501.907.2556 · epllp@emersonpoynter.com
  20. Weiss & Yourman (New York, NY)
    The French Building, 551 Fifth Ave., Suite 1600, Weiss & Yourman (New York, NY), NY 10126
    212.682.3025 212.682.3010 · info@wyca.com
  21. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
  22. Zwerling, Schachter, Zwerling & Koppell LLP
    767 Third Avenue , Zwerling, Schachter, Zwerling & Koppell LLP, NY 10017
    ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 02-CV-00910
JUDGE: Hon. Ronald Lew
DATE FILED: 07/28/2006
CLASS PERIOD START: 02/01/1999
CLASS PERIOD END: 11/17/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abraham & Associates
    One Penn Plaza, Suite 1910, Abraham & Associates, NY 10119
    212.714.2444 212.714.2444 · Larryl@abrahamlaw.com
  2. Abraham, Fruchter & Twersky (New York, 42 Street)
    60 East 42 Street, Abraham, Fruchter & Twersky (New York, 42 Street), NY 10021
    212.687.6655 ·
  3. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  4. Cauley Geller Bowman Coates & Rudman, LLP (New York)
    200 Broadhollow, Suite 406, Cauley Geller Bowman Coates & Rudman, LLP (New York), NY 11747
    631.367.7100 631.367.1173 ·
  5. Grant & Eisenhofer (Wilmington)
    1201 N. Market Street, Suite 2100, Grant & Eisenhofer (Wilmington), DE 19801
    302.622.7000 302.622.7100 · lawyers@gelaw.com
  6. Johnson & Perkinson
    1690 Williston Road, Johnson & Perkinson, VT 05403
    802.862.0030 802.862.0060 · JPLAW@adelphia.net
  7. Lovell Stewart Halebian LLP (former New York)
    500 Fifth Avenue, Lovell Stewart Halebian LLP (former New York), NY 10110
    212.608.1900 212.719.4677 · info@lshllp.com
  8. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
  9. Much Shelist Freed Denenberg Ament & Rubenstein, PC

    800-470-6824 312-621-1750 ·
  10. Weiss & Yourman (New York, NY)
    The French Building, 551 Fifth Ave., Suite 1600, Weiss & Yourman (New York, NY), NY 10126
    212.682.3025 212.682.3010 · info@wyca.com
No Document Title Filing Date
No Document Title Filing Date