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Comments on the significance of the victory of the Connecticut state pension fund's lawsuit against financial firm, Forstmann Little & Co. Likelihood that the fund will become frozen out of making investments in some of Wall Street's top private equity funds.

Reports that a Connecticut jury found in favor of the state's pension fund in a suit against one of Wall Street's most successful and colorful financiers and his firm, but refused to award the state any damages. Decision that Forstmann Little breached its contract when it invested $125 million of state pension fund money in two telecommunication companies that failed, wiping out the investment; Determination that the pension fund was not owed any damages because the state had acquiesced in making the investments and was kept informed about them; Potential for both sides to claim victory in the case.

Focuses on Theodore J. Forstmann, who is being sued over failed investments. Forstmann's appearance in a Connecticut court to explain how he lost two billion dollars of his investors' money gambling on telecommunications companies, XO Communications and McLeodUSA; Implications of the case for Forstmann's business and other private equity firms; Details of the lawsuit against Forstmann Little & Company, which is accused of losing the state's pension fund money; Views of lawyers; Observation that the case will be decided by a jury, not a judge; Background on Forstmann; Overview of Forstmann's testimony; Forstmann's investment approach.

Reports that financier Theodore J. Forstmann and his private equity firm Forstmann Little & Company will go on trial in Rockville, Connecticut. Accusations from Connecticut's attorney general and state treasurer that the firm improperly invested $125 million of the state's pension fund and subsequently lost it.

Presents updates on businesses in the United States and Great Britain as of December 24, 2000. Features of Cisco Systems' Web site for job vacancy; Decision of Great Britain's National Lottery Commission regarding the licensing of operation of its national lottery; Ruling of the Connecticut Supreme Court to the appeal to Lorna Wendt, former corporate wife of Gary Wendt.