(Bloomberg) ? A federal district court in New York approved a final settlement of $79 million for workers and retirees of the Global Crossing Ltd. retirement plan, the US Labor Department said in a statement.

The settlement covers former chief executive Thomas Casey and former chairman Gary Winnick, as well as the three former members of the employee benefits committee, the statement said.

Former Global Crossing employees lost about $250 million when the company's shares plunged, according to lawyers representing the workers. Winnick sold shares worth $578 million before the company sought Chapter 11 bankruptcy protection. He will pay $25 million and insurance will pay the rest. Global Crossing last December emerged from bankruptcy after erasing $12 billion of debt as it built a worldwide fibre optic network.

Shares of Hamilton, Bermuda-based Global Crossing rose 28 cents to $14.88 at 4 p.m. New York time in Nasdaq Stock Market composite trading. Shares of the company, which is run from Florham Park, New Jersey, have fallen 52 percent this year.