Evening Update: Global Crossing Files $1 Billion Suit Against Tyco

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Global Crossing (GBLX Quote) said it has brought a $1 billion suit against Tyco International (TYC Quote), claiming breach of contract regarding the installation of a fiber-optic cable system. The suit involves Tyco's deal to set up the South American fiber-optic cable system for Global Crossing. Atlantic Crossing, a division of Global Crossing, has also filed proceedings against Tyco, alleging further other breaches of contract.

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Mergers, acquisitions and joint ventures

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