CHAUMBURG, Ill. -(Dow Jones)- Motorola Inc. agreed to settle its lawsuit against a former executive it had accused of breaching a non-compete agreement.
In a press release Monday, Motorola said both its former president and chief operating officer Michael Zafirovski as well as Nortel Networks Corp., Zafirovski's new employer, are parties to the settlement.
Zafirovski was recently named president and chief executive at Nortel effective Nov. 15.
Nortel, in a separate press release Monday, confirmed terms of the settlement and said it continues to have full confidence in Zafirovski. Nortel added that none of the parties admitted breach of contract or other improper conduct.
The settlement includes an $11.5 million cash payment to Motorola and restricts Zafirovski from internal and customer activities that could lead to sharing of Motorola trade secrets.
The settlement also requires Zafirovski to regularly certify compliance to both Motorola and Nortel, and the court will retain jurisdiction of the matter to enforce terms of the settlement, Motorola said.
-John Seward; Dow Jones Newswires; 201-938-5400
(END) Dow Jones Newswires"
Posted to the site on 1st November 2005
Posted to: www.cellular-news.com/story/14641.php