$2.47 Billion Class Action Settlement by Nortel Networks Corp
Nortel Networks Corp agreed to settle two class action lawsuits for $2.47 billion. It was announced on Wednesday.
According to the preliminary deal, worked out with a mediator, Nortel will pay to the plaintiffs $575 million in cash, 628,667,750 of its common shares, representing 14.5 percent of its equity, and contribute half of any recovery in ongoing litigation by Nortel against Frank Dunn, Douglas Beatty and Michael Gollogly, former senior officers terminated for cause in April 2004.
The lawsuits filed by shareholders, stem from corporate governance disputes and concern executives who were dismissed from Nortel.
Filed under Class Action, General Law, Settlements
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