Info class action

Case settled

Nortel

In February 2001, the Association de protection des épargnants et investisseurs du Québec (now known as the Mouvement d'éducation et de défense des actionnaires (MÉDAC)) filed in the Superior Court of Quebec a Motion for authorization to institute a class action against Nortel Networks Corporation on behalf of a group of shareholders.

This class action is led by Belleau Lapointe, S.A.

In January 2007, Justice Michèle Monast, j.s.c. approved the settlement of this class action. The settlement states , among other things, that the class will be able to benefit on a pro rata basis from a fund totalling more than two billion US dollars established by the Defendants. 

The period to file claims for this case has now expired. However, please take note that class members who filed a valid claim with the Claims Administrator should only expect to receive their payment in several months as a result, among other things, of the delays resulting from the processing of all claim forms.

If need be, we also invite you to visit the Claims Administrator's web site, or to call its toll-free number at 1-866-881-7495.

 

Chronology

January 2007

The Superior Court of Quebec approves the settlement.

June 2006

MÉDAC and Nortel agree in principle on the terms of a purported settlement and the Superior Court of Quebec authorizes the bringing of the class action against Nortel for settlement purposes only.

February 2006

Nortel announces by way of press release that an agreement in principle has been reached in the United States with regard to various class actions against it.

March 2002

The Court of Appeal of Quebec dismisses Nortel's motion for permission to appeal Justice Bélanger's judgement.

November 2001

Justice François Bélanger, j.s.c., dismisses Nortel's motion to reject at a preliminary stage the Motion for authorization to institute a class action.

February 2001

Filing by MÉDAC of Motion for authorization to institute a class action against Nortel.