Posted on 28/11/07
Executives left to foot their own legal bills
A handful of Nortel Networks lawsuits snaking through Canadian and U.S. courts should have corporate directors and officers drowning in a cold sweat.The first are a pair of lawsuits that slipped below the radar when they were filed in May in Superior Court of Ontario. One was from ousted Nortel chief executive officer Frank Dunn and the other was from his former chief financial officer, Douglas Beatty. In separate lawsuits against eight insurance companies, the one-time executives allege that they were improperly cut off in 2004 from some directors and officers (D&O) insurance policies at Nortel.
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