Ex-Nortel CEO, CFO battle for legal relief
Nortel Networks shareholders may be taking a bath as the company aggressively pursues a breakup plan and the stock goes into the black hole of having its trading suspended on the Toronto Stock Exchange, but they’ve got company. Two former execs--ex-CEO Frank Dunn and ex-CFO Doug Beatty, who were both fired in 2004--are scrambling to cover some of the cash they’re spending to defend themselves against accounting fraud allegations. Nortel's insurer has balked at paying the two execs multi-million dollar legal bills.
- see this Toronto Star article
Three former Nortel execs charged with fraud
SEC hounds former Nortel execs