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Nortel Proposes $2.5-Billion Shareholder Settlement: Page 2 of 2

"Resolving these important issues will enhance the company’s ability to focus on our transformation and renewal priorities and our customers," said Nortel CEO Mike Zafirovski said in a statement.

Nortel is still under scrutiny by securities regulators in both the U.S. and Canada for accounting irregularities. The probes will continue regardless of whether shareholders accept the settlement
.