Nortel has reached an agreement to settle accounting disputes with the Ontario Securities Commission, agreeing to pay a $1 million fine.

The dispute revolved around several years of financial reporting by Nortel. The scandal led to the dismissal of several executives. The settlement did not include the former execs, including former Chief Executive Officer Frank Dunn.

However, some critics have questioned the deal. Peter Brieger, writing in the Financial Post, quoted one person as saying the securities commission had “struck with all the force of a wet noodle.”

The deal also calls for Nortel to file regular reports about corporate governance policies.

The chair of the commission pointed out that Nortel had already agreed to pay $2.4 billion to settle class action law suits related to the scandal.
"This brings us closer to being a normal company," Mike Zafirovski, Nortel’s CEO, said after the settlement was reached, according to the Toronto Star.

Zafirovski has reorganized and shuffled Nortel’s management and made settlement of issues surrounding the scandal a major priority since he took over as CEO in November of 2005.