Nortel ERISA Litigation

The parties have reached a settlement in the class action entitled In re Nortel Networks Corp. “ERISA” Litigation, MDL Docket No. 03:03-MD-1537, pending 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, if approved, would resolve all claims and counterclaims currently at issue 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 preliminarily 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”

The Court has scheduled a final fairness hearing to evaluate the fairness and adequacy of the Stipulation of Settlement for January 11, 2012, at 10:00 a.m. before the Honorable John T. Nixon in Courtroom 774 of the United States District Court for the Middle District of Tennessee, 801 Broadway, Nashville, Tennessee, 37203 to consider whether to approve the settlement and other related matters.

For additional information about the proposed settlement, your legal rights, and all the deadlines concerning it, please review the Notice of Proposed Settlement of ERISA Class Action, Motion for Award of Attorneys’ Fees and Expenses and Named Plaintiffs’ Compensation Awards, and Fairness Hearing. It can be found in the Case Documents section below.

Case Documents

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