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Reports that the U.S. Securities and Exchange Commission (SEC) accused Lucent Technologies and former and current employees of fraudulently reporting over a billion dollars in revenue. How the SEC also accused a former executive of WinStar Communications of engaging in a fraud scheme with Lucent; Background on the accusations, which come after a government inquiry into Lucent's inflation of sales figures; Implications for Lucent, the nation's largest maker of telecommunications equipment; Details of the settlement; Views of industry analysts; SEC investigation into Lucent's rival, Nortel Networks; Overview of the case against Lucent.

Discusses Nortel Networks and the investigation it is under by regulators in the United States and Canada for its accounting practices. Nortel as North America's largest telecommunications equipment maker; Question whether its blue-chip board should be changed; Nearly two-dozen class-action lawsuits filed against the company; Unfolding of the accounting debacle that led to the termination of the CEO.