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  Global Crossing Securities and ERISA Litigation Settlement Approved

On November 16, 2004, Judge Gerald Lynch of the United States District Court for the Southern District of New York approved the settlement in the case of In re Global Crossing Securities and ERISA Litigation. Fiduciary Counselors Inc. acted as independent fiduciary in evaluating and approving the complex settlement on behalf of the Global Crossing 401(k) plan and filing claims on behalf of the plan and its participants.

Fiduciary Counselors was retained to act as the independent fiduciary to evaluate the settlement under PTE 2002-39, the class exemption issued by the Department of Labor last December. Fiduciary Counselors evaluated the proposed settlement. After negotiating improvements in both the ERISA and securities settlements, Fiduciary Counselors approved the settlement on behalf of the plan.

The ERISA settlement provides for the payment of approximately $79 million in settlement. of which approximately $10 million will be used for notice and other settlement related expenses and approximately $11.4 million was awarded for attorneys' fees and expenses. In addition, the plan and its participants will share in the $205 million securities settlement along with other Global Crossing shareholders.

  Court Documents
Order Approving Class Action Settlement
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