Lucent Agrees to Settle Shareowner Class Action Lawsuits

Lucent Technologies reached an agreement to settle all pending shareowner and related litigation against the company, its current and former officers and directors, and certain other defendants. Lucent described the agreement as a global settlement of what were 54 separate lawsuits. Under the agreement, Lucent will pay $315 million in common stock, cash or a combination of both, at the company’s option. Lucent will also seek partial recovery of this amount from its fiduciary insurance carriers under certain policies that are worth up to $70 million. Further financial terms are posted online.
http://www.lucent.com/press/0303/030327.coa.html