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Nortel Settles ERISA MDL For $21.5M

Posted: August 10, 2011
By: Lance Duroni
Source: Law360
Outcome: Settlement
Practice Areas: ERISA & Employee Benefits

Nortel Networks Corp. on Wednesday reached a preliminary $21.5 million settlement in Tennessee with a class of former workers who accused the bankrupt telecom of mismanaging an employee stock fund, cooking its books and squandering their retirement savings.

The plaintiffs asked the court to approve the settlement Wednesday, referring to the deal as an "excellent result" for the class, which is made up of former Nortel employees who accused the company of violating the Employee Retirement Income Security Act.

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