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U.S. markets recover from steep losses
TORONTO, Feb. 8 (UPI) -- Toronto-based Nortel Networks Corp. said Wednesday it will incur a charge to earnings of $2.47 billion to settle two class-action lawsuits.
The shareholder lawsuits, filed in the United States, stem from corporate governance disputes and concern executives who were dismissed from Nortel.
Under terms of a preliminary deal worked out with a mediator, Nortel will pay to the plaintiffs $575 million in cash, 628,667,750 of its common shares, representing 14.5 percent of its equity, and contribute half of any recovery in ongoing litigation by Nortel against Frank Dunn, Douglas Beatty and Michael Gollogly, former senior officers terminated for cause in April 2004.
The cash portion of the settlement will be funded from cash balances on hand.
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WASHINGTON, May 23 (UPI) --
The planned Keystone XL oil pipeline would move oil away from refineries that produce gasoline, increasing prices, the National Resource Defense Council says.
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MELBOURNE, Fla., May 23 (UPI) --
Northrop Grumman says its Military Airworthiness Certification is closer for its re-engined EC-8 Joint Surveillance Target Attack Radar System aircraft.
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The housing inventory rose slightly in April, which is unusual in the middle of the spring sales season. The uptick may be the result of rising seller confidence and it should ease concerns that the super tight inventory levels of the last six months...
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What if Europe turned out to be the new Japan?
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