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NORTEL II SETTLEMENT

A Settlement in the amount of $370,157,418 in cash, and 314,333,875 shares of Nortel common stock was reached on behalf of investors who purchased Nortel common stock or call options on Nortel common stock, or wrote (sold) put options on Nortel common stock, during the period April 24, 2003 through April 27, 2004, inclusive. This Settlement relates to actions pending in the following cases:

In Re Nortel Networks Corp. Securities Litigation, Master File No. 04 Civ. 2115 (LAP) in the United States District Court for the Southern District of New York;

Gallardi v. Nortel Networks Corporation, No. 05-CV-285606CP in the Ontario Superior Court of Justice; and

Skarstedt v. Corporation Nortel Networks, No. 500-06-000277-059 in the Superior Court of Quebec District of Montreal.

The first distribution of checks and stock certificates to authorized class members has begun. You should receive under separate cover, a check and/or certificate for Nortel shares if your claim was approved by the Court within the next few weeks. If you have questions regarding the distribution of checks or Nortel shares, please call the Claims Administrator at 1-866-881-7495.

This first distribution is being conducted pursuant to court orders from the various courts which can be viewed here:

  • US Order


  • Ontario Order


  • Quebec Order