Nortel Wants Its Bonuses Back2/03/2005 9:25 AM Eastern
Nortel Networks Corp. filed suit against three former executives Thursday in an effort to recoup some $10.5 million in bonus payments, Reuters reported.
The troubled telecommunications-equipment vendor is suing former CEO Frank Dunn, former chief financial officer Douglas Beatty and ex-controller Michael Gollogly, according to Reuters.
The three executives were fired for cause last April due to the vendor’s accounting woes.
Nortel alleged in the lawsuit that Dunn, Beatty and Gollogly breached their fiduciary duty by signing off on financial statements that inflated company profits, and spokeswoman told Reuters the company is "not going to elaborate beyond this filing.”