All About Nortel

A group of Nortel employees has launched a class-action lawsuit action Nortel, alleging the company failed to provide them with reasonable notice about changes made to their pension plans.
The employees also allege Nortel advised plaintiffs that it would not take future salary increases beyond Jan. 1 2008 into account when calculating the value of the [...]

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Among the flurry of Nortel media coverage, one story in particular stuck out like a sore thumb:

The strange thing is when you click on it, you see a blank page.

Either the Toronto Star is suggesting that Frank Dunn, Michael Gollogly and Doug Beatty had careers that were nothing to write home about, or perhaps the [...]

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James Bagnall, who covers Nortel as well as anyone, has a really good analysis story in the Ottawa Citizen looking at what might happen as the RCMP’s charges against Frank Dunn, Doug Beatty and Michael Gollogly rumble their way through the legal system.
Here’s a nice snippet:
“In coming months, perhaps years, legal counsel from both sides [...]

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Nortel has issued a statement about the RCMP laying charges against three former executives: Frank Dunn, Doug Beatty and Michael Gollogly:
“Nortel has not been charged and was not the target of this investigation. The company has fully cooperated with the RCMP and will continue to do so. This is in relation to former executives of [...]

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The RCMP has charged three former Nortel executives - ex-CEO Frank Dunn, ex-CFO Doug Beatty and ex-controller Michael Gollogly - with fraud affecting public market, falsification of books and documents and false prospectus.
According to a press release, the charges “pertain to allegations of criminal activity within Nortel Networks during 2002 and 2003″.
“Protecting and enhancing Canada’s [...]

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If you’re among the people part of Nortel’s class-action settlement, then you’ll soon be getting some cash and share certificates from Nortel.
Two years after the then $2.4-billion settlement was reached, the checks and certificates are finally in the mail. According to the Montreal Gazette, there are 145,000 Canadian claimants.

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Three ex-Nortel employees have settled fraud charges with the SEC in the wake of allegations they kept improper accounting reserves in Q4 of 2002.
Craig Johnson, James Kinney and Kenneth Taylor, who were VPs of finance for the wireline, wireless and enterprise business units respectively, agreed to each pay $75,000, and will be barred from acting [...]

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Apparently, the money owed to people who participated in class-action lawsuits filed against Nortel could be getting their dough-re-me soon.
Too bad the original $2.4-billion judgement has shrunk to $1.23-million as Nortel’s share price has tumbled to an all-time low.
Source: Ottawa Citizen

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Nearly four years after two Nortel senior executives were fired for cause, the Royal Canadian Mounted Police (RCMP) is poised to charge Doug Beatty and Michael Gollogly with criminal fraud amid allegations they cooked the company’s books to trigger a lucrative bonus plan.
Citing sources, the National Post is reporting that the RCMP notified Beatty, Nortel’s [...]

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Two years ago, Nortel reached a settlement with shareholders who had launched a class-action lawsuits against the company over allegations the company’s revenue had been inflated during an embarrassing accounting scandal.
At the time, the value of the 62.9 million shares awarded to shareholders was $1.65-billion. Today, their value is a mere $696-million as the price [...]

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