Southern District of New York
G&E represented two public pension funds as lead plaintiffs in a securities fraud class action against Global Crossing, Ltd. involving the failed business plan of the telecom company and the eventual swapping of telecom capacity with other telecom companies. G&E obtained various partial settlements in the case, totaling $448 million. These included a settlement with Global Crossing’s former officer and directors – including its former Chairman and founder, Gary Winnick, from whom G&E obtained a personal contribution of $30 million. G&E also obtained settlements with Global Crossing’s former auditor, Arthur Andersen LLP, former outside counsel, and a number of investment banks that underwrote public offerings during the class period.