Global Crossing Settlement Includes Investment Banks
$99 million class action settlement is agreed by investment banks including CIBC, Goldman Sachs Group Inc., Merrill Lynch and Co. Inc., JP Morgan Chase & Co., Credit Suisse Group, Morgan Stanley and others.
The lawsuit alleges over their role as underwriters of former telecom provider Golden Crossing Ltd.
In an agreement preliminarily approved by Judge Gerard Lynch in U.S. District Court for the Southern District of New York, this group of leading investment banks has agreed to partricipate in a settlement that has previously netted $245 million from officers and directors of Global Crossing — including $30 million from the company’s co-founder and former chairman Gary Winnick — as well as US$75 million from Citigroup and Salomon Smith Barney, US$25 million from accounting firm Arthur Andersen, and $19.5 million from law firm Simpson Thacher & Bartlett.
Filed under Class Action, General Law, Settlements
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