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Global Crossing Executives Sued By JP Morgan

by Glen Shapiro, LawAndTax-News.com, New York

15 December 2003


23 former Global Crossing executives are said to be facing legal action by investment bank, JP Morgan Chase & Co over the firm's collapse nearly two years ago.

According to a report in the Los Angeles Times last week, the investment bank has accused former Global Crossing officers and directors, including founder Gary Winnick, of withholding important information on the firm's financial condition in order to secure loans worth $2.25 billion.

The LA Times report revealed that JP Morgan was just one of several creditors which poured a total of $12.4 billion into the fiber-optic network immediately before it filed for Chapter 11 bankruptcy protection.


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