Global Crossing

The Complaint asserts claims against Global Crossing officers and directors, Arthur Andersen LLP, Citigroup, and various other financial institutions for failure to disclose material adverse information and for artificially inflating the Company's reported results on its financial statements published during the Class Period, February 1, 1999 through October 4, 2001, thereby causing Plaintiff and other members of the Class to purchase or acquire Global common stock at artificially inflated prices. Johnson & Perkinson is a member of the Plaintiffs' Executive Committee in the case.

On November 10, 2004, the Court approved a settlement with the Global Crossing-related defendants, including Gary Winnick, and Simpson Thacher & Bartlett, Global Crossing's former outside counsel. The value of the settlement is approximately $245 million (subject to fluctuations in the US dollar/UK pounds exchange rate).

On July 8, 2005, the Court approved a $75 million settlement between the plaintiffs and Citigroup-related defendants (Salomon Smith Barney and Jack Grubman).
On October 27, 2005, the Court approved a $25 million settlement with Arthur Andersen LLP and all Andersen-related defendants.

On October 27, 2006, the Court approved a $99 million settlement with various financial institutions including Goldman Sachs, Merrill Lynch, JP Morgan, CIBC and others.

In total, Plaintiffs' Lead Counsel, with the assistance of Johnson & Perkinson, recovered $448 million for investors in this case. Further information about the settlement is available at www.globalcrossinglitigation.com.