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.
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.