Nortel To Settle For $2.5 Billion
Nortel, the Canadian manufacturer of communications equipment, will be settling two class action lawsuits filed by shareholders with a sum of $2.5 billion. The lawsuits were filed following accounting issues that took place under Nortel’s previous management. The company has proposed a cash payment of $575 million and the remainder of the settlement in shares.The settlement was reached after a period of mediation and is subject to Nortel reaching a settlement in all similar class action suits across the globe. With regards to global class action litigation, Nortel officials state that talks will continue.
An official for the company stated: "Resolving these important issues will enhance the company’s ability to focus on our transformation and renewal priorities and our customers."
In the meantime, the company remains under the watchful eye of US and Canadian regulators with regards to its accounting, and this scrutiny is set to continue even if shareholders opt to accept the proposed settlement.
Topic Added March 1st, 2006
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