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$2.5B Deal Ends Nortel’s Battle With Shareholders

Law360 (February 8, 2006, 12:00 AM EST) -- Canadian telecommunications gear maker Nortel Networks Inc. has agreed to a $2.5 billion settlement in an effort to extinguish massive shareholder lawsuits and a myriad of legal attacks related to the company’s 2004 accounting scandal.

The agreement, which is with the lead plaintiffs in two class-action lawsuits, calls for $575 million in cash and about 628.7 million shares, or $1.9 billion. It is conditioned on ending all other pending and proposed litigation against Nortel.

If it closes, the deal would mark the fifth biggest class-action settlement...
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