Nortel Networks ERISA Litigation
On January 13, 2012, the Court issued its Order of Final Judgment and Dismissal approving a settlement among the parties in the class action entitled In re Nortel Networks Corp. “ERISA” Litigation, MDL Docket No. 03:03-MD-1537, before Judge John T. Nixon in the Middle District of Tennessee. Keller Rohrback is one of three law firms serving as Lead Counsel for the named plaintiffs and the class members.
The settlement resolves all claims and counterclaims currently in the case. The settlement provides for a total payment of $21,500,000, less certain amounts as specified in the Stipulation of Settlement. Your may review the Stipulation of Settlement in the Case Documents below.
The Court has certified the case as a class action solely for the purposes of effectuating the Stipulation of Settlement. The settlement class consists of:
“(a) all participants, whether active, inactive, or retired, in the Plan who held Nortel stock in their 401(k) individual accounts at any time from March 7, 2000, through January 1, 2008, and (2) as to each person within the scope of subsection (a) of this paragraph, his, her, or its beneficiaries, alternate payees (including spouses of deceased Plan participants), representatives, or successors-in-interest; provided, however, that the Class shall not include (i) the Settling Defendants; (ii) members of the immediate families of each of the Settling Defendants; and (iii) the legal representatives, heirs, predecessors, successors, or assigns of any such excluded person or entity.”