Quantcast

Nortel Sues Former Execs for C$13 Million

Get the WebProNews Newsletter:
[ Business]

Nortel has sued former CEO Frank Dunn former CFO Douglas Beatty and former controller Michael Gollogly in an effort to get back C$13 million.

In the suit, Nortel claims that the three manipulated the company’s books to generate profits in the first two quarters of 2003, leading to large bonus sums.

“As a result of the foregoing, the defendants were unjustly enriched at the expense of Nortel,” the company stated.

Nortel seeks C$7.8 million from Dunn, more than C$2.9 million from Beatty and slightly more than C$2 million from Gollogly.

The company claims that it demanded repayment in August, but none of the three have returned any money yet.

WebProNews | Breaking eBusiness News
Your source for investigative ebusiness reporting and breaking news.

Nortel Sues Former Execs for C$13 Million
Comments Off
Top Rated White Papers and Resources

Comments are closed.