Judges OK $2.47B Nortel Settlement

Law360, New York (January 1, 2007, 12:00 AM EST) -- Two federal judges have blessed a $2.47 billion settlement and dismissed global class action lawsuits brought against Nortel Networks Corp. in relation to an accounting scandal at the company.

In her dismissal order, signed Dec. 26 in the U.S. District Court for the Southern District of New York, Judge Loretta A. Preska called the settlement “fair, reasonable and adequate.” Preska and Judge Richard Berman, who issued a separate order, presided over two separate shareholder class actions related to different time periods.

As part of the settlement,...
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