Nortel Networks
ORG
Nortel Nortel Networks
Seeking to settle two class-action lawsuits, Nortel Networks offered to give about $2.4 billion in cash and stock to shareholders who saw their investments in the company's stock shrivel amid the telecom disappointment and an accounting scandal. After discovering the accounting irregularities, including reporting sales of switches and other telecommunications gear that had not yet been made, Nortel fired seven top managers in 2004 and later restated four years of results. Nortel is suing three former executives to recover some of its losses and all of the $10.5 million in bonuses it paid them.