Nortel Proceeds With $2.47B Settlement

Law360, New York (June 21, 2006, 12:00 AM EDT) -- Nortel Networks Corp. has reached an agreement on a settlement in two global class action lawsuits for $2.47 billion in cash and stock relating to an accounting scandal, the company announced on Wednesday.

A stipulation of the settlement was the resolution of a related class action lawsuit pending in Canada, which has been reached, Nortel said in a statement.

“These various settlement agreements encompass most pending and proposed shareholder class actions commenced against the company,” Nortel said.

The $2.47 billion is a combination of $575 million...
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