Two Shareholder Class Action Settlement by Nortel Networks Corp.

Two Canadian shareholder class action lawsuits has been settled by Nortel Networks Corp. (TSX:NT) for $575 million US in cash and nearly 629 million Nortel shares once worth almost $2 billion US.

The four suits cover two separate periods, ending in 2001 and 2004, when the telecom equipment company’s shares fell suddenly, reducing the value of what was briefly Canada’s most valuable company.

In the U.S. suits, announced in February, the company has agreed to contribute half of any money recovered in lawsuits against the three executives, in addition to the cash and stock payments.

The firm also noted that various court, regulatory and stock exchange approvals are still required before the settlements can be completed. The settlements contain no admission of wrongdoing by the company or any other defendants, Nortel said.

Link [www.cbc.ca/cp/business/060621/b062148.html]

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5 Responses to “Two Shareholder Class Action Settlement by Nortel Networks Corp.”

  1. stan donovan Says:

    I would like to get my name added to the class action lawsuit as I was one of the Nortel investors who purchased stock at $72 per share prior to the fall and financial reporting failures of Nortel. I want to know how to get my name added to the investors who qualify for reimbrusement….stan

  2. Alan and Barbara Hardy Says:

    Barbara and I have a large amount of Nortel stock puchased between 1999 and 2007. We want to know how to get our names added to the investors who qualify for reimbrusement.

    thankyou for your assistance

  3. Michael A. Ross Says:

    Bought 2000 shares @ $10 Aug. 12, 2004 for $20,000 .
    Sold 2000 shares @ $3.84, Nov 22, 2004 for$7,700
    Net loss $12,300

    I have other losses related to Nortel about this time as does my wife.

  4. Roger & Edith Torok Says:

    My husband and I bought 1100 shares for a total of $12,093.80 during 2001 to 2002. I would like to get my name added to the class action lawsuit if possible.

  5. Gartman Says:

    Ok so I am one of those cheerleaders for a product, and this one happens to be a staple on my list for years now. Liz Claiborne’s fragrances are on the top must haves for my shopping list. I forced my husband into making that Bora Bora Men’s Cologne apart of his only scent he must now wear if he wants me around for good! Lol, just kidding. No really I love this scent, my husband is like instantly a total brad pitt! Yummy!

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