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Global Crossing Investors Sue Banks

Jan 31, 2003 | Bloomberg News

Global Crossing investors sued Citigroup Inc., J.P. Morgan and four other investment banks, alleging they used false financial data in material that helped the telecommunications company issue securities.

Other banks named in the suit, which consolidates more than 50 individual investor claims against Global Crossing, include Bear Stearns Cos., Morgan Stanley, Goldman Sachs Group Inc. and Merrill Lynch & Co.

The lead investors in the consolidated suit, which accuses Global Crossing of inflating its revenue, are the Public Employees Retirement System of Ohio and the State Teachers Retirement System of Ohio.

Global Crossing filed for bankruptcy protection a year ago after losing more than $50 billion in market value since May 1999.

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