Class-Action Payments Coming

For investors who bought Nortel shares or options between Oct. 24, 2000 and Feb. 15, 2001 or between April 24, 2003 and April 27, 2004, you are eligible to be compensated by the $2.4-billion class-action lawsuit settlement. According to the Toronto Star, 600,000 investors should be receiving 33-page notices in a few weekse givng them the option of filing objections, opting out of the settlement, or sending proof of claim to receive a combination of cash and stock. More information will be available on whether you qualify at Nortelsecuritiesligitation.com.

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4 Responses to “Class-Action Payments Coming”

  1. Dave Says:

    It would be great if this provides some relief for those of us on pensions, who saw Nortel as a blue chip sure thing and, in my case, invested for the first time in my life, only to see the bubble burst and our life savings go down the drain.

  2. nortel Says:

    that’s probably the saddest part of the entire nortel saga – seeing people put so much faith and money in nortel only to see it disappear. it was troubling to hear someone at the AGM talk about how he bought 40K shares at $80 each. his $3.2 million investment is now worth $100K.

  3. Subhas Chand Says:

    I purchased a large amount of Nortel stock during 1999 and the scandal. I sent my forms along with the purchase transactions. I haven’t received any notice or money yet. I like to know if anyone has received their shares yet from the lawsuit. Who else can I contact? Any help is welcomed please.

    Thank you.

    Subhas Chand.
    s9chand@yahoo.ca

  4. E. Day Says:

    We lost all of our retirement savings on Nortel. We had carefully planned our retirement but we moved overseas and had not got ourselves set up with a computer so were not able to keep a check on the stock.
    I would have thought our investment broker would have let us know what was happening but it seems they get the commission for the sale and then forget about you.
    Does anyone know approx. how much will be paid out for each share. We bought around 2000 in 2000/01?

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