Global Crossing To Settle Class Action Suit

Law360, New York (May 26, 2006, 12:00 AM EDT) -- A federal judge has given preliminary approval to a $15 million settlement agreement that would end a class action securities lawsuit against Global Crossing. The suit alleged that the company’s top executives underreported the costs of doing business in order to take garner lucrative bonuses.

A hearing will be held on June 22 to determine whether or not U.S. District Judge Gerard E. Lynch will enter an order giving final approval to the settlement and allocation plan, and formally bringing the case to a close....
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