Nortel's $28M Deal Over Disabled Worker Benefits OK'd

Law360, Wilmington (February 14, 2013, 3:28 PM EST) -- Nortel Networks Inc. received preliminary approval Thursday in Delaware bankruptcy court for a settlement worth as much as $28 million for disabled employees whose benefits are being cut off as the defunct telecom nears the end of a four-year liquidation.  

At a court hearing in Wilmington, U.S. Bankruptcy Judge Kevin Gross signed off on the first step in a two-part approval process for the deal, which gives 215 long-term disabled employees a $28 million general unsecured claim in the case to compensate them for the termination...
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