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Enterasys Settles Shareholder Lawsuit

October 18, 2003|From Associated Press

Enterasys Networks Inc. agreed to pay $50 million to settle a class-action lawsuit alleging that the company orchestrated phony deals and used accounting tricks to inflate revenue.

William O'Brien, chief executive of the Andover, Mass., company, said the settlement was in the best interests of shareholders.

Enterasys denied the accusations and admitted no wrongdoing as part of the settlement.

The Los Angeles County Employees Retirement Assn., which led the federal lawsuit, said the settlement compensated investors and provided greater corporate oversight.

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