Judge Trims Nortel Affiliates' Claims To $9B From Sale

Law360, New York (March 20, 2012, 10:16 PM EDT) -- A Delaware bankruptcy judge on Tuesday trimmed claims that Nortel Networks Inc. breached its fiduciary duty launched by its European affiliates seeking part of the nearly $9 billion available for distribution to creditors.

U.S. bankruptcy Judge Kevin Gross dismissed the fiduciary duty claims filed by the joint administrators of Nortel's bankrupt affiliates Nortel Networks UK Ltd., Nortel Networks SA and Nortel Networks (Ireland) Ltd., saying "there is no existing legal basis upon which the court can impose liability for breaches of fiduciary duty upon NNI, a...
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