Pension Fund Barred From Seeking $3B In Nortel Ch. 11

Law360, New York (August 9, 2010, 6:20 PM EDT) -- A federal judge has upheld a bankruptcy court’s grant of an automatic stay in Nortel Networks Inc.’s Chapter 11 proceedings, rejecting a bid by Nortel’s U.K. pension fund and a U.K. administrative agency to pursue $3.1 billion in claims allegedly owed by the bankrupt telecom.

U.S. Magistrate Judge Mary Thynge of the U.S. District Court for the District of Delaware on Thursday affirmed every aspect of U.S. Bankruptcy Judge Kevin Gross’ February ruling, rejecting an appeal brought by the pension fund, its trustee and the U.K....
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