Search
Menu
CASTECH INC - New Building the Bridge of Light

Global Crossing Seeks $1 Billion in Tyco Submarine Suit

Facebook X LinkedIn Email
HAMILTON, Bermuda, May 23 -- In a complaint alleging wrongful conduct and breach of contract, Global Crossing Ltd. and its subsidiary South American Crossing (Subsea) Ltd., are suing Tyco Submarine Systems Ltd. for over $1 billion. The suit was filed in the US District Court for the Southern District of New York.
The suit accuses Tyco Submarine, a subsidiary of Tyco International Ltd., of failing to fulfill its obligations related to the installation of, among other projects, the South American Crossing fiber-optic cable system. Tyco must also defend itself against claims made by another subsidiary of Global Crossing Ltd. -- Atlantic Crossing Ltd -- which contends that Tyco has come up short on a number of contracts for the development of the AC-1 System.
We deeply regret having to resort to litigation with Tyco, our vendor for a number of our early systems, stated Leo Hindery, Jr., CEO of Global Crossing. But after spending nearly a year seeking unsuccessfully to resolve our differences, we have no alternative to legal action in order to enforce our rights and protect our shareholders.
Rocky Mountain Instruments - Laser Optics MR

Published: May 2000
News & Features

We use cookies to improve user experience and analyze our website traffic as stated in our Privacy Policy. By using this website, you agree to the use of cookies unless you have disabled them.