The DOL has announced that a federal district court in New York City has approved a final settlement of $79 million for the benefit of workers and retirees of the Global Crossing retirement plan. In addition to the restitution that was recovered in the private litigation, the settlement prohibits the company’s executives from acting as fiduciaries to ERISA-covered benefit plans for five years (unless the Department of Labor gives prior approval) and covers two former inside directors of Global Crossing as well as the three former members of the Employee Benefits Committee.
Global Crossing Settlement Approved
The DOL has announced that a federal district court in New York City has approved a final settlement of $79 million for the benefit of workers and retirees of the Global Crossing retirement plan. In addition to the restitution that…