Nortel Reaches $67M Deal In Retiree Benefits Feud

Law360, Wilmington (January 2, 2013, 7:33 PM EST) -- 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....
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.