If you were involved in one of Nortel’s class-action lawsuits that have been settled, don’t get your hopes too high about getting your money soon. According to the Toronto Star, the cash from the biggest lawsuit – $2.5-billion that was settled with a combination of $819-million in cash and $1.66-billion in stock – won’t be paid out for several months as a process company goes through the claims made by 237,642 shareholders to determine which ones are valid and how much each investor lost. The process could take even longer that that a Maryland travel agency, Rinis Travel Services Inc., has filed an appeal of the settlement. Rinis bought 300 Nortel shares in late-2000 as part of a profit-sharing trust.
Did you know that an average defrauded NT shareholder can get a new car from the settlement?
the pool of money/and shares/ is around $2.5 bill
claims received around 250 000
so on average
one investor will get $10 000
in other words
Each claimant, the average Joe, will get $3.300 in cash
and 250 new shares
250 shares at $30 is $7500
/just my silly statistics/
Tineke
I called Garden Group and they said the investors would receive six cents for every share held. My claim was rejected anyway because I canot produce copies of me holdings during the settlement window.
I bought 6000 shares including 600 during the period and still have them. Have written to protest to Garden, but no response. Wonder how much money they and the lawyers out of this and the lawyers?
Investors Need Patience for $$
If you were involved in one of Nortel’s class-action lawsuits that have been settled, don’t get your hopes too high about getting your money soon. According to the Toronto Star, the cash from the biggest lawsuit – $2.5-billion that was settled with a combination of $819-million in cash and $1.66-billion in stock – won’t be paid out for several months as a process company goes through the claims made by 237,642 shareholders to determine which ones are valid and how much each investor lost. The process could take even longer that that a Maryland travel agency, Rinis Travel Services Inc., has filed an appeal of the settlement. Rinis bought 300 Nortel shares in late-2000 as part of a profit-sharing trust.