Former Nortel CEO files claim for more than $2M
A former Nortel CEO is claiming he deserves another $2 million, even though he hasn't been with the company for more than three years.
According to court documents, Bill Owens was given a lump sum severance package of $5.4 million when he stepped down as the company's president and CEO in November 2005, less than two years after taking the job.
As part of the package, Owens was supposed to get another $7 million spread out over five years.
According to court papers, he says he's still entitled to more than $2 million and has filed a claim as a creditor.
Owens, a former U.S. admiral, stepped into the company's top job after former CEO Frank Dunn was fired along with nine other CEOs in April 2004.
The firings followed a massive accounting fraud that resulted in shareholder lawsuits and regulatory and criminal probes in the United States and Canada.