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.