Nortel Sees $2.47 Billion Charge to Settle Lawsuits
A Reuters newswire article, via eWeek, reports that:
Nortel Networks Corp. said on Wednesday it would take a charge of $2.47 billion, or 57 cents a share, after reaching an agreement in principle to settle two class action lawsuits.
The company, one of the world's largest telecom equipment suppliers, was hit with lawsuits in the wake of revised financial guidance in 2001 and its restatement of 2003 financial results to correct bookkeeping errors.
Nortel, which is still the target of regulatory and criminal investigations over its accounting scandal, said it wanted to settle the lawsuits so that it could focus on rebuilding its business.
posted by Fergie @ 2/08/2006 08:20:00 AM
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