Simpson Thacher & Bartlett has taken the unusual step of contributing nearly $20m (£10.9m) to help settle a claim involving long-term client Global Crossing – despite the fact that the top New York firm was not named in the suit.
The contribution was part of a wider settlement that saw Global Crossing agree to pay $325m (£177.3m) to settle a class action suit brought against the telecoms giant. One Simpson Thacher partner told Legal Week: “We were not named as a defendant, but we made a pragmatic decision to bring an end to this issue.”
