Ex-Global Employee Wants Company Records

April 12, 2002 (PLANSPONSOR.com) - A former Global Crossing employee has asked a bankruptcy judge to grant him access to a variety of documents about the firm's retirement plan.

If granted, the order would force his old employer, Arthur Andersen and two Global Crossing human resources managers to release a variety of documents providing details about Global’s retirement plan and general fiscal picture.

According to a Dow Jones report, Donald Yancy wants to look at the records under authority from a bankruptcy rule permitting such examination in order to:

  • examine its role as a fiduciary for its Employees’ Retirement Savings Plan
  • get a clearer picture of Global’s financial viability¬†
  • more precisely measure Global’s assets and liabilities.

Yancy is a plaintiff in a suit claiming that Global breached its fiduciary duty to him and other participants and plan beneficiaries.

Among other documents, Yancy wants to see all Global retirement plan materials, all plan financial statements, and evidence of a plan committee.

As the company’s former auditor, Arthur Anderson would have information relating to the company’s financial condition and the retirement plan.

Human resources managers John L. Comparin and Bill Norris were included in the motion because they are likely to have information relating to the retirement plan, including the plan’s purchase, and holding of company stock.

Global Crossing filed for Chapter 11 bankruptcy protection January. 28 in the US Bankruptcy Court in Manhattan, listing assets of $22.4 billion and debts of $12.4 billion.

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