Nortel Sues Former Execs for C$13 Million
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.
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