For investors who bought Nortel shares or options between Oct. 24, 2000 and Feb. 15, 2001 or between April 24, 2003 and April 27, 2004, you are eligible to be compensated by the $2.4-billion class-action lawsuit settlement. According to the Toronto Star, 600,000 investors should be receiving 33-page notices in a few weekse givng them the option of filing objections, opting out of the settlement, or sending proof of claim to receive a combination of cash and stock. More information will be available on whether you qualify at Nortelsecuritiesligitation.com.
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11 Comments
It would be great if this provides some relief for those of us on pensions, who saw Nortel as a blue chip sure thing and, in my case, invested for the first time in my life, only to see the bubble burst and our life savings go down the drain.
that’s probably the saddest part of the entire nortel saga – seeing people put so much faith and money in nortel only to see it disappear. it was troubling to hear someone at the AGM talk about how he bought 40K shares at $80 each. his $3.2 million investment is now worth $100K.
Has anyone gotten a check yet.
I had 20,000 shares and lost my savings.
Any payout would be better than nothing.
Still waiting for mine. Would be nice if they would give us an update on their website. Calling them was a complete waste of time as the CSR knew no more than I did.
I haven’t received any payment or communication in over a year. Since then the value of the Nortel shares we were supposed to be receiving have dropped from around $30 to about $6. I have less faith in these lawyers than the Nortel accounting team, and am now wondering if they sold all shares when they got them in trust (I don’t know for sure if they did receive them) and will make a profit of $24 a share based on giving them to us today. It seems to me that with the speed computers can crunch data, they should have been able to get these settlements into out hands sooner. We have collectively lost about 15 billion bucks through their delay. Perhaps another class action suit would be in order.
I agree with the previous comment. Everytime we ask these lawyers all we hear`is they are going through the due diligence. We asked many times for the receipt of our information and never got anything other than the lip service.
I guess they are going to trying to delay everything so that people will give up and stop claiming or following up. Unfortunately we have regulating bodies for everything else but who is regulating the lawyers handling these claims? All they will do is get a fat pay check and you can kiss your investments good bye.
Goooooodddd Luuuuuuucccccck.
1/3 of the claims got rejected according to the latest update. That means a bigger cut to those who got approved.
Got my settlement today – a share certificate worth about 4% of my initial investment (or 8% of what I lost). Woo hoo!! I’m going to frame mine…
Hey Ed, how many original shares did you have?
I finally got certificates in the mail.
However, they are worth one third from what they were worth just a year ago (high of Cd$28 to todays value of 8.38 5th May 2008).
I wonder if the firm that filed the class action law suit probably walked away with the last laugh….and all the way to the bank on top of the legal fees they collected.
May be a class action against them, would be an option.
Tom – sorry, I forgot to check back for replies!! I originally had about 400 shares and got back 17. Just last week, I received a settlement cheque as well (equivalent to the current value of the settlement shares) that I wasn’t expecting. So that was a pleasant surprise – beer money!! I never had a whole lot invested in Nortel so my losses were pretty insignificant compared to others. I suspect you probably have your certificate and cheque by now…