Global Crossing $79 Million Settlement Approved by District Court for Workers and Retirees

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11/18/2004: Global Crossing $79 Million Settlement Approved by District Court for Workers and Retirees (HR.BLR.com)

Excerpt: A federal district court in New York City has approved a final settlement of $79 million for the benefit of Global Crossing workers and retirees who lost millions in their retirement plans when the company filed for bankruptcy. In addition to the restitution that was recovered in the private litigation, the settlement prohibits the company's executives from acting as fiduciaries to ERISA-covered benefit plans for five years unless the Department of Labor gives prior approval.

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