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Nortel Networks Corp. 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.
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.
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