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 For Immediate Release
May 7, 2002 Contact: Press Office
202-646-5188
DEFRAUDED GLOBAL CROSSING SHAREHOLDERS SUE OFFICERS OF GLOBAL CROSSING, ARTHUR ANDERSEN, FORMER SEC DEF WILLIAM COHEN, DNC CHAIR TERRY MCAULIFFE, HONG KONG BILLIONAIRE LI KA-SHING , BILL CLINTON AND OTHERS

Judicial Watch Files Suit in the U.S. District Court of the Central District of California On Behalf of Global Crossing Shareholders


(Washington, DC) Judicial Watch, the public interest group that investigates and legally prosecutes government corruption and abuse, said today that it has filed suit on behalf of shareholders of Global Crossing against directors and officers of the corporation, including Gary Winnick, Lodwrick M. Cook, John Scanlon, David Lee, Dan J. Cohrs, James C. Gorton, Thomas J. Casey, Joseph P. Clayton, David A. Walsh, Abbot L. Brown, Barry Potter, Joseph P. Perrone and Robert Annunziata.

Hong Kong businessman and Chinese government agent Li Ka-Shing is also a named defendant in the suit, along with his Global Crossing affiliate, Asia Global Crossing, Ltd. Former Defense Secretary, and Global Crossing board member William S. Cohen is also named as a defendant for allegedly conspiring to “pump and dump” Global Crossing stock, and for allegedly corruptly awarding government contracts. The Arthur Andersen accounting firm is named in the lawsuit as allegedly participating, aiding and abetting Global Crossing’s fraudulent acts as a co-conspirator. Democratic National Committe Chairman Terry McAuliffe is named in the lawsuit for allegedly conspiring with Global Crossing directors and officers to inflate and artificially enhance Global Crossing’s income and market price of its stock, while allegedly arranging and participating in a political payoff scheme to former President Bill Clinton in exchange for political favors and favorable official actions.

Global Crossing shareholders, through their counsel, Judicial Watch, have brought claims of fraud, civil conspiracy, and violations of the California Corporations Code, Business and Professions Code in their lawsuit. James F. Marshall of Judicial Watch’s Western Regional Office in San Marino, California is the lead attorney for this action on behalf of Global Crossing shareholders.

“Whether its Enron or Global Crossing, Judicial Watch’s non-partisan efforts to clean-up corporate, legal and political corruption will not be deterred by the ‘elite business, legal and political class’ who think they are above the law. The Bush Justice Department has taken no meaningful action against Enron or Global Crossing, both of whom lined politicians’ pockets, so the job falls to Judicial Watch,” stated Judicial Watch Chairman and General Counsel Larry Klayman.

The complaint can be found by clicking here.

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