(Bloomberg) A US federal judge granted final approval to a $325 million settlement of a fraud suit accusing Global Crossing Ltd. founder Gary Winnick and other officials of inflating revenue at the defunct fibre-optics network operator.

Global Crossing, which was bought out of bankruptcy last year by Singapore Technologies Telemedia Pte, agreed in March to resolve claims that Winnick and others improperly accounted for phone-service swaps.

The suit also named former Global Crossing officers and directors and an Asian affiliate as defendants.

US District Judge Gerard Lynch in Manhattan approved the pact on November 10. In an opinion issued last week, he called the settlement “fair, reasonable, and adequate.”

The payment represents a small fraction of the $40 billion in value wiped out by Global Crossing's January 2002 bankruptcy. The accord doesn't cover claims against JPMorgan Chase & Co., Goldman Sachs Group and five other banks for underwriting or issuing fair-value opinions about the company's stock while it allegedly misrepresented its finances in securities filings.

The pact calls for $245 million to settle securities-fraud claims and about $80 million for pension claims. Winnick will contribute $55 million; a former law firm for the company, Simpson, Thatcher & Bartlett, will pay another $19 million and the company's insurance will cover the rest, Jay Eisenhofer, a lawyer for investors said in March.

BIBA calls London Briefing a success

The Bermuda International Business Association is hailing its recent Bermuda Briefing in London a success.

The expected number of delegates dropped off slightly to 150, but CEO of BIBA Deborah Middleton says that the calibre of guests was very good.

She personally collected business cards from delegates representing Barclays, Mellon Global Investments, Fortis, Nomura International, Throgmorton, Deutsche Bank, ED&F Man, and Executive Wealth Management.

Representatives from the London law firms Freshfields, Clifford Chance, Norton Rose, MW Cornish, Stikeman Elliott were also in attendance.

The briefing which took place last month provided an opportunity for BIBA and Government to forge relationships with UK industry leaders and showcase the island's expertise in hedge funds, structured finance and trusts.

Mrs. Middleton said: “The event mirrored the briefing we held in New York in April. We were able to present to some 150 UK business professionals who told us it was ‘good to see Bermuda back on UK shores and showing the diversity of its industries'.”

The Bermuda contingent included Premier Alex Scott, Bermuda Monetary Authority Chair Cheryl Lister, Minister of Telecommunications & E-Commerce Michael Scott, Finance Minister Paula Cox as well as representatives from the private sector.

BIBA hopes to make the Bermuda Briefing an annual event in both London and New York.

Website will promote International companies

The Association of Bermuda International Companies has launched its own website to serve its member companies as well as the public.

ABIC chairman David Ezekiel said that www.abic.bm is another step in reinforcing ABIC's position as a voice of international business. ABIC represents more than 130 international companies incorporated in Bermuda.

“It will also enable us to remain in closer communication with our members and to better represent their concerns in the changing environment surrounding our sector,” Mr. Ezekiel said in a press statement.

The ABIC web site also includes a function that will allow it to poll members on key questions involving the international business sector.

ABIC says the polls will allow it to quickly assess member reactions to new policies or programmes affecting exempted companies.

Chamber hosting networking event

The Chamber of Commerce will tonight kick off a regular networking event for the IT, Telecom and E-Business sectors.

The launch of “Wired Wednesday” will be held at the Chamber of Commerce offices on Front Street between 5.30 to 7.30 p.m.

Nancy Volesky, former chair of the chamber's business technology division, got the idea for holding regular cocktail receptions for people in her industry from similar ones she attended in Canada. “When I worked in Toronto we had a regular networking event for business professionals in the technical and business areas. It was a wonderful opportunity to get together and not only discuss what is new in the industry but also have an opportunity of potentially creating business opportunities and also learning more.”

Ms. Volesky says that Wired Wednesday, which will be held on a monthly basis, is a type of informal professional development event that has been really lacking in Bermuda.

The Chamber of Commerce has already secured Gateway, Ernst & Young and North Rock as sponsors for the January, February and March events respectively.

The format of tonight's gathering is very informal with the Minister of Telecommunications Michael Scott expected to drop in to share some insight into his vision for his ministry.

AM Best to issue two new types of reports

Ratings agency A.M. Best Co. now offers two new formats of Best's Executive Summary Reports for property/casualty insurance companies

From now on, Comparison Reports and Composite Reports will be produced in addition to single company reports, which are currently available for both property/casualty and life/health companies.

“A.M. Best continues to develop new means of delivering financial information reflective of insurers' position in the marketplace,” said Paul C. Tinnirello, A.M. Best's executive vice president of Information Services.

“These two new Best's Executive Summary Reports options take the latest performance results for vital operational areas and permit a meaningful comparison among companies.

“The availability of these reports via our Web site offers a current, convenient way for professionals to have ready access to reliable information that can be understood at a glance.”

The reports are available on the agencies web site and cover approximately 3,300 property/casualty insurers.

Best's Ratings and Financial Size Categories are included, along with financial results.

Chubb gets subpoenas on insurance

(Bloomberg) Chubb Corp., the second-biggest insurer of US corporate directors and executives, received subpoenas from the Securities and Exchange Commission and New York Attorney General Eliot Spitzer about insurance policies that may be used to hide losses.

Chubb said today in an SEC filing that the subpoenas seek information on “certain loss mitigation insurance products”.

The company, based in Warren, New Jersey, is at least the sixth insurer to receive such a request.

The policies, also called non-traditional or finite insurance, are under scrutiny because some can provide financing like a loan while being accounted for as insurance.

Regulatory inquiries into the policies, which Chubb sells through its reinsurance unit, show Spitzer is expanding his investigation of alleged bid-rigging and kickbacks among insurers and brokers.