Avaya (AV), a network gear company that was spun off from Lucent (LU), said late Friday that it settled a class-action suit over products sold from 1990 to 1999. A $110 million credit or cash will be available for the plaintiffs, whose products were affected by the Y2K software issue. Lucent is liable for half of the costs above a $50 million threshold. Avaya said the resolution ends its liability on Y2K issues and that, based on its reserves for the case, it does not expect the settlement to affect its financial situation or operations.

Investors.com

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