Thursday, March 4, 2010

Looks like the Canadian settlement deal is going ahead.

Yesterday there were hearings in the US and Canada on a number of items. One was a group of people opposing the settlement deal worked out between Nortel and the NRPC. It appears that the deal will probably go ahead since the judge rejected the opposition to the proposal by a group of Nortel LTD employees.

On Wednesday, Judge Morawetz, the Canadian Judge handling the Nortel case, rejected a request from a group of about 30 former Nortel workers to delay consideration of an agreement to settle outstanding health, pension and severance payments owed to employees.

Under the deal, Nortel agreed to create a $57-million fund to pay long-term disability benefits and provide health, life, dental and pension benefits to the end of the year.

Without the deal, Nortel would stop payments at the end of the month, (one of the lawyers)Mr. Tay said. The fund also includes severance and termination payments, to a maximum of $3,000, to fired Nortel workers.

Joel Rochon, lawyer for the group of former workers on long-term disability who oppose the deal, urged the judge to delay consideration of the approval of the agreement for 45 days, saying the workers haven't had enough time to analyze the proposal.

Read more:

No comments:

Post a Comment