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OSC lets Nortel off the hook for $1 million

Briefs | 05/24/2007 2:20 pm EDT

Nortel Networks announced that the Ontario Securities Commission (OSC) has approved a settlement regarding accounting irregularities. As per the settlement, Nortel will pay the OSC $1 million and provide quarterly and annual reports about improving its accounting practices. According to Nortel, the settlement acknowledges that the Toronto network equipment supplier has a new ethics policy, a new code of conduct, improved financial processes and controls, improved corporate governance, and settled shareholder class-action lawsuits. The settlement stems from accounting problems that plagued Nortel over the past few years. The company has dismissed executive staff members, and it has restated numerous quarterly financial results in its attempt to remedy the situation.

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