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Legal Fees Mounting for Ex-Nortel Execs
By Mark Evans | November 28, 2007
At the end of the day, ex-Nortel CEO Frank Dunn and the other executives who allegedly cooked the books to trigger a lucrative bonus scheme may very well be exonerated. The entire accounting mess may, in fact, be - as Dunn contends - a result of mistakes and errors rather than a case of greed and avarice, but it could take years in court for everything to resolve itself.
In the meantime, the ex-Nortel executives involved in the lawsuits are having to cough up some serious dough-re-me to defend themselves. According to the Globe & Mail, Nortel cut off Dunn and ex-CFO Doug Beatty from directors and insurance policies after they were fired in early-2004. Without the D&O, they’ve been forced to pay hundreds of thousands of dollars in legal fees to defend themselves.
Given Dunn was building a multi-million dollar home a few ago in suburban Toronto at one time, he can probably afford it.
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Topics: Executive Suite, Legal Issues |