Telecom equipment maker Nortel Networks said on Friday its insurers have agreed to pay $228.5 million toward a proposed settlement of a shareholder lawsuit. As part of the settlement, Toronto-based Nortel will make a payment of $575 million in cash, issue 628.7 million common shares, and contribute half of any funds it recovers from lawsuits against former senior officers who were fired in April 2004.
March 20, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Telecom equipment maker Nortel Networks Corp. said on Friday its insurers have agreed to pay $228.5 million toward a proposed settlement of a shareholder lawsuit.
As part of the settlement announced in February, Toronto-based Nortel will make a payment of $575 million in cash, issue 628.7 million common shares, and contribute half of any funds it recovers from lawsuits against former senior officers who were fired in April 2004.
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