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Dunn: Come On Nortel, Cough Up
By Mark Evans | January 21, 2008
Ex-Nortel CEO Frank Dunn wants to defend himself against regulatory lawsuits but he claims that he can’t because Nortel won’t pay his legal bills.
Dunn’s lawyer, Thomas Heintzman, told a judge earlier today in Toronto that Dunn has “huge” legal bills but unless Nortel covers his costs, there’s no way he can afford “qualified counsel”/
One of Dunn’s problem is that Chubb, which insures corporate boards, claims Nortel’s insurance doesn’t apply to Dunn because the lawsuits filed by the SEC and Ontario Securities Commission were filed after the policy had lapsed.
The case is between Frank Andrew Dunn and Chubb Insurance Co. of Canada, File No.: 07-cl-007131. Ontario Superior Court of Justice (Toronto).
Source: Bloomberg.
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Topics: Legal Issues |