On June 04, 2002, an order of the initial pre-trial conference was entered. Just as quickly, a notice of motion to consolidate cases, for the appointment of lead plaintiff and the approval of lead counsel was filed on July 12, 2002. On August 01, 2002, a stipulation and order on the extension of the defendants’ time to answer this class action complaint was entered. Finally, an order of dismissing several cases was entered on December 21, 2004.

According to a Press Release dated 8/2/02, this action arises as a result of the issuance by the Defendants of analyst reports regarding Global Crossing, which recommended the purchase of Global Crossing securities while failing to disclose significant, material conflicts of interest which they had, in light of their use of Grubman's reputation and his Global Crossing analyst reports, to obtain investment banking business for Salomon.