BigClassActions.com

Motorola, Inc.



Schaumburg, IL: (Apr-16-07) Motorola Inc. had been embroiled in a securities class action lawsuit with Turkish wireless company Telsim for years. The suit claimed that Telsim defaulted in 2001 on a payment of about $2 billion in loans owed to Motorola and its subsidiaries. In a settlement reached, Motorola agreed to pay Telsim a $190 million settlement payment. Motorola said it will record a first-quarter charge to reflect the $190 million settlement payment, partially offset by $75 million in estimated insurance recoveries, leading Motorola's shares to rise by 8 cents to close at $17.82 on the New York Stock Exchange. [PR NEWSWIRE: MOTOROLA SETTLEMENT]


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