Nortel Reaches $67M Deal In Retiree Benefits Feud

Law360, Wilmington (January 02, 2013, 7:33 PM ET) -- Nortel Networks Inc. has reached a deal with thousands of its retired employees that would allow the defunct telecommunications giant to terminate their benefits in exchange for nearly $67 million, according to a motion filed Monday in Delaware bankruptcy court.

The proposed settlement would tie up one of the final loose ends in the company's protracted bankruptcy, a four-year period during which Nortel sold off nearly all of its assets but had been unable to reach terms with its retirees to consensually terminate their benefit plans....
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