Nortel Networks has agreed to pay $2.5bn in cash and shares to settle two class-action lawsuits stemming from its accounting scandal in April 2004.
The proposed settlement asks for Nortel to pay its shareholders $575m in cash and issue 628.7 million shares of its stock worth nearly $1.9bn, based on Nortel's closing price on Monday of $3.02 on the New York Stock Exchange.
"Resolving these important issues will enhance the company's ability to focus on our transformation and renewal priorities, and on our customers," Mike Zafirovski, Nortel's president and chief executive, said in a statement.
The company said it expects to record a charge of $2.47bn, or 57 cents a share, against its 2005 earnings if the settlement is accepted by shareholders.
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