Banks Lose $99M To Global Crossing Investors

Law360, New York (July 26, 2006, 12:00 AM EDT) -- A group of investment banks has agreed to fork over $99 million to settle an ongoing class action lawsuit against collapsed telecommunications company Global Crossing Ltd.

According to the agreement, which a federal judge preliminarily approved Monday, Goldman Sachs will dish out $42.1 million, Merrill Lynch $19.2 million, Canadian Imperial Bank of Commerce $17.3 million, Credit Suisse $6.7 million, JP Morgan $3.8 million, Bear Stearns $3 million and Morgan Stanley $2.9 million.

Other financial advisors contributing less money include Deutsche Bank, Lehman Brothers, ABN Amro and...
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