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Nortel sues to recover bonus money

TORONTO, Feb. 3 (UPI) -- Nortel Networks, seeking to get back about $13 million of bonuses from three former executives, has sued them saying they breached their fiduciary duty.

The Canadian telecommunications firm sued former CEO Frank Dunn, former chief financial officer Douglas Beatty and former controller Michael Gollogly, reports the Canadian Broadcasting Corp.

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Dunn, Beatty and Gollogly were fired in April 2004 as Nortel probed accounting irregularities that resulted in financial restatements and delays in releasing the company's earnings, the report said.

The suit alleged the three men signed off on company financial statements that inflated profits and led to the payout of large bonuses to the executives.

Nortel said it is seeking the return of more than $7.8 million from Dunn, more than $2.9 million from Beatty and more than $2 million from Gollogly.

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