Global Crossing, a telecom firm in which I had invested money back in the 2000 – 2002 timeframe, reached a settlement earlier this year. I received the paperwork in the mail last week, informing me I was entitled to an average payment of $0.042 per share I held during the interval in question. This might yield about $2.50 – $5.00 if I’m lucky, which is still better than the MBNA check I received a few months ago for $0.03 cents.
Lest you think I seek out these class action lawsuits, they instead appear to find me. In the past two years I’ve received notice of multiple suits, including the one over Global Crossing, and others for Verizon Wireless, PayPal, MBNA, WorldCom, and CD distributos/retailers. Most of the alleged activites occurred during the 1999 – 2002 timeframe, when external pressure to meet revenue and profit forecasts led companies to engage in many shady schemes.