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IN RE GLOBAL CROSSING

March 26, 2004.

In re GLOBAL CROSSING, LTD.; SECURITIES LITIGATION ABE NACHOM, Plaintiff, -v- CITIGROUP, INC., et al. Defendants


The opinion of the court was delivered by: GERARD E. LYNCH, District Judge

OPINION AND ORDER

By order dated November 13, 2003, this Court denied plaintiff's motion to remand or abstain in the above-captioned case. Accordingly, pursuant to paragraphs 17 and 41 of this Court's Order in In re Global Crossing, Ltd. Securities and ERISA Litigation, Dkt. No. 02 MD 1472, dated December 13, 2002 (the "Global Crossing Consolidation Order"), the above-captioned case is hereby consolidated for all purposes with In re Global Crossing, Ltd. Securities Litigation, Dkt. No. 02 civ. 910, pursuant to Rule 42(a) of the Federal Rules of Civil Procedure. All provisions of the Global Crossing Consolidation Order are hereafter applicable to this action. The parties are directed to file any objections to this consolidation or to the application of any provision(s) of the Global Crossing Consolidation Order, a copy of which is attached hereto, no later than April 30, 2004. In accordance with paragraph 33 of the Global Crossing Consolidation Order, the complaint in this action shall be deemed withdrawn and shall be dismissed unless the plaintiffs, no later than April 30, 2003, shows cause why the complaint should not be dismissed.

The Clerk of the Court is respectfully directed to file and docket this Order under both the above docket number and In re Global Crossing, Ltd. Securities Litigation, Dkt. No. 02 civ. 910.

  SO ORDERED. Page 2

  ORDER

  Approximately seventy cases growing out of the decline in value of Global Crossing, Ltd. ("GC") have been filed in this Court or transferred here by the Joint Panel on Multidistrict Litigation for consolidated or coordinated proceedings. The majority of these cases stem from class action complaints on behalf of purchasers of GC securities; essentially all of these complaints specifically allege that GC overstated revenues in its SEC filings and other public statements, primarily by means of fraudulent accounting practices in connection with reciprocal leases of cable capacity. Another set of class action complaints, brought on behalf of employee-participants in GC's retirement savings plan, charge that various defendants violated their duties as fiduciaries under the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), by failing to monitor the plan's investments in company stock, and by failing to disclose to plan participants and beneficiaries the risks of investing in GC securities.

  Numerous motions for consolidation and for appointment of lead plaintiffs, and for other relief relating to the proper organization of these cases in order to resolve the various overlapping claims and common legal and factual issues, have been submitted, and the papers relating to these various motions have been considered by the Court. Conferences involving all counsel were held on November 22, 2002, and December 10, 2002, to hear arguments regarding these various applications, and to assist the Court in understanding the views of the various parties concerning the fairest and most efficient methods of resolving these disputes. On the basis of the oral and written submissions of the parties, and after extended reflection by the Court, it is hereby ORDERED, for the reasons stated on the record in open court on December 10, 2002, that: I. Proposed Consolidation of All Cases

  1. The motion of certain defendants to consolidate all of the actions relating to Global Crossing for pretrial purposes is denied. Page 3 discovery; (e) speak on behalf of plaintiffs at any pretrial conference; (f) employ and consult with experts; (g) conduct settlement negotiations with defense counsel on behalf of plaintiffs; (h) call meetings of plaintiffs' counsel; ft) accept service on behalf of all plaintiffs; (j) distribute to all plaintiffs' counsel copies of all notices, orders, and decisions of the Court, including this order: (k) maintain an up-to-date list of counsel available to all plaintiffs' counsel on request; and (I) keep a complete file of all papers and discovery materials filed or generated in the Consolidated ERISA Action which shall be available to all plaintiffs' counsel at reasonable hours.

  C. Scheduling of Pleadings

  8. Plaintiffs shall file a consolidated amended complaint for the Consolidated ERISA Action no later than January 24, 2003.

  9. Defendants shall respond to the consolidated amended complaint, by motion or answer, no later than March 10, 2003.

  10. If any defendant moves to dismiss the consolidated amended complaint, plaintiffs shall respond to such motion no later than April 24, 2003.

  11. Defendants shall reply to plaintiffs' response(s) no later than 30 days after filing of the response.

  12. Pursuant to the Court's Individual Practice Rules, courtesy copies of motions or responses need not be provided to chambers at the time of filing. When the reply or replies are served and filed, defendants shall supply two courtesy copies of all motion papers to chambers.

  13. Pending filing and service of the consolidated amended complaint, defendants shall have no obligation to move, answer, or otherwise respond to any of the complaints in the actions consolidated herein or any actions subsequently consolidated with them.

  14. The complaints previously filed in any of the GC ERISA Actions already before this Court shall be deemed withdrawn, and shall be dismissed, two weeks after the filing of the consolidated amended complaint, unless the plaintiff(s) filing said complaints, no later than February 3, 2003 (or, if the date for filing the consolidated amended complaint is extended by further Order of this Court, within ten days after the adjourned filing date), ft) shows cause for why the complaint should not ...


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