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Questions Relating to the Distribution of the Global Crossing Securities Litigation Partial Settlement Funds
1. When were the checks mailed?
July 30, 2008.
2. How was my settlement amount calculated?
The amount of your distribution from the Officers and Directors Net Settlement Fund, the Citigroup Entities Net Settlement Fund, the Arthur Andersen Entities Net Settlement Fund, the Financial Institutions and CIBC Entities Net Settlement Fund, and the Asia Global Crossing (involving Microsoft and Softbank Entities) Net Settlements Fund (collectively, the "Global Crossing Partial Settlement Funds") was determined by applying the Court-approved Plans of Allocation, a copy of which can be found on the Court Documents page.
Under the Plans of Allocation, the total distributions to each Claimant from the Settlement Funds represent a pro rata share of the available funds, which was calculated pursuant to the terms of each of the Plans of Allocation, by dividing each Claimant's "Recognized Claim" Amount by the total "Recognized Claim" Amounts of all eligible Claimants, and then multiplying the result by the amount of the available funds.
3. Can I still file a Claim in the Global Crossing Securities Litigation Partial Settlement?
No. The Filing Deadline for the most recent partial settlement was October 29, 2007. The Court allowed late claims submitted through January 31, 2008, but ordered that claims filed after January 31, 2008, will be rejected.
4. Can I cure the Ineligible or Deficient Condition on my Claim, and receive payment from a future distribution?
No. As per the "Order Approving Lead Plaintiffs' Motion to Conduct Initial Distribution of The Net Settlement Fund", claims deemed to be Wholly Ineligible or Rejected will remain rejected, and no changes will be made to any claim based on information that was received after May 21, 2008.
5. I submitted a Proof of Claim Form for each of the Partial Settlements, but only received one check, should I have received a check for each of the Claims I submitted?
No. Your check represents the aggregate of the awards from each partial settlement fund, as it applies to the account that the claim was filed for. Simply stated, you should only receive one check per account filed.
6. I received a check for a deceased family member. How can I request that it be re-issued in my name?
If you received a check for a deceased family member and need to request that the check be re-issued, you must submit a written request to the address listed below. Please include your full name, address, claim number (if available), daytime telephone number with the best time of day to reach you, as well as the check that was sent to you. Please be advised you must include a copy of the death certificate and appropriate documentation to support the name in which the check is being re-issued.
Global Crossing Ltd. Securities Litigation Partial Settlements
c/o The Garden City Group, Inc. Claims Administrator
P.O. Box 9000 #6152
Merrick, NY 11566-9000.
7. How can I request that a check be re-issued?
If you need to request that your check be re-issued for any reason, you must submit a written request to the address listed above.
Please include your full name, address, claim number (if available), daytime telephone number with the best time of day to reach you, as well as the check that was sent to you. In addition, please include a statement explaining the need for re-issue.
8. I submitted claim forms for different accounts. Will I receive more than one check?
You can expect to receive one check for each Proof of Claim form you submitted, provided that the claim is entitled to an award according to at least one of the Court Approved Plans of Allocation, and was approved by the Court.
9. I lost a significant amount of money during the class period. How was my check calculated?
The amount of your distribution from each of the Global Crossing Securities Litigation Partial Settlement Funds was determined by applying the Court-approved Plan of Allocation for each of the partial settlements, a copy of which can be found on the Court Documents page. Under each of the Plans of Allocation, the total distributions to each Claimant from the Settlement Funds represent a pro rata share of the available funds, which was calculated by dividing each Claimant's Recognized Claim Amount by the total Recognized Claim Amount of all eligible claims, and then multiplying the result by the amount of the available funds, as allocated by the Plan of Allocation for each partial settlement.
10. What was the total amount available for distribution from each of the partial settlements?
We distributed approximately $325,000,000. Below is a chart that shows the approximate amount available for each of the partial settlements.
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Officers and Directors Partial Settlement
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Citigroup Entities Partial Settlement
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Arthur Andersen Entities Partial Settlement
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Financial Institutions Partial Settlement
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Asia Global Crossing Partial Settlement
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$168 million
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$56 million
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$19 million
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$77 million
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3 million
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11. How should I report this distribution on my taxes?
The tax treatment of this distribution varies based upon the individual circumstances and tax status of each Claimant. Accordingly, we are not able to determine the appropriate tax reporting for any Claimant. You should consult with your tax advisor to determine the tax consequences, if any, that the distribution of the Net Settlement Funds may have to you.
12. Who should I contact if I have additional questions?
If you have additional questions, please call the toll-free number at (866) 808-3497. All notices of address change, requests for a check re-issue, and questions regarding the calculation of an individual claim must be submitted in writing to the address listed below:
Global Crossing Ltd. Securities Litigation Partial Settlements
c/o The Garden City Group, Inc. Claims Administrator
P.O. Box 9000 #6152
Merrick, NY 11566-9000
Please remember to include your Claim Number, Check Number (if applicable), Name, Address, and daytime and evening telephone numbers along with the best time of day to reach you, on all written inquiries.
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