Federal Court to Hear Global Crossing Suits
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Global Crossing Ltd. shareholders and workers seeking hundreds of millions of dollars in damages over the fiber-optic network owner’s collapse will press their claims in federal court in New York, a panel of judges ruled.
Combining the 57 lawsuits filed by Global Crossing employees and investors before U.S. District Gerard E. Lynch in Manhattan will aid pretrial information exchanges, the Judicial Panel on Multidistrict Litigation said. Hamilton, Bermuda-based Global Crossing filed for bankruptcy protection in January.
Shareholders who lost more than $500 million in Global Crossing’s collapse want to coordinate pretrial efforts with creditors in the company’s Chapter 11 case, investors’ lawyers told the panel at a July hearing. The Washington-based panel oversees consolidation of cases when a company is sued in federal courts across the U.S. over the same dispute.
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