Nortel Settles With Israel Affiliate For $2M In Ch. 11

Law360, New York (May 18, 2011, 8:41 PM EDT) -- Nortel Networks Inc. and affiliate Nortel UK told a Delaware bankruptcy court Tuesday they had reached a $2 million settlement agreement with Nortel Israel, as the communications technology provider begins splitting money and allocating asset sale proceeds among its affiliates.

NNI was hit earlier this month by a flood of claims from its European affiliates centered around “transfer pricing, intercompany dealings, trading and other agreements” with it, as well as mismanagement and breach of fiduciary allegations against company executives, which must be resolved before the company...
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