The Judicial Panel on Multi-District Litigation will decide in July whether to consolidate, for pre-trial proceedings only, 12 ERISA class-action lawsuits brought against Global Crossing, Beverly Hills, Calif. Until then, each suit has been stopped, including one filed against Gary Winnick and other key executives by participants in the company’s 401(k) plan. A ruling is expected by September.
Another 20 class-action shareholder suits already have been consolidated.
Separately, the lawsuit brought by Roy Olofson, former Global Crossing vice president of finance, for wrongful termination and defamation was refiled in Los Angeles Superior Court. The company is expected to challenge the complaint in early July. Mr. Olofson contends he was fired because he confronted Mr. Winnick and other company executives over misleading transactions and accounting methods.
