Travers Smith Guides £105M Nortel Pension Deal With L&G
Law360, London (May 11, 2021, 12:28 PM BST) -- The British employee retirement scheme of Nortel Networks Corp., the Canadian telecoms giant that collapsed in 2009, has insured a further £105 million ($148 million) of pension liabilities with Legal & General Assurance Society Ltd., the insurer said on Tuesday.
The buy-out means L&G will take on full responsibility for paying members in the Nortel Networks UK Pension Plan. The deal builds on an earlier £2.4 billion buyout in 2018 and will provide additional benefits to 8,200 retirees and 4,300 members of the retirement scheme, L&G said.
The pension scheme is the workplace saving plan for British employees of Nortel, a Toronto-based global...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!