Nortel posts loss of $2.58B from lawsuit settlement

Nortel has finally filed is 2005 financial results after delays in fixing revenue reporting problems and the final documents show a net loss of $2.58 billion for the year because of a settlement from a shareholder lawsuit over an accounting scandal the company faced two years ago. The figure is in stark contrast to the one the company posted last year when it had a net loss of $207 million. Revenue was $10.52 billion, up 11 percent from $9.52 billion a year ago.

For more on Nortel's 2005 financials:
- see this article from the Wall Street Journal (sub. req.)