1 Comment

Summary:

Former employees and pensioners of Nortel have asked a Canadian judge to order the company to pay them benefits including severance and pens…

Former employees and pensioners of Nortel have asked a Canadian judge to order the company to pay them benefits including severance and pension supplements, which Nortel has stopped paying. The former employees claim that Nortel is breaking Canadian labor laws by refusing to pay them.Nortel claims that under bankruptcy protection those pension payments are unsecured claims, and the creditors will have to “share equally in the distribution of proceeds following a restructuring” reports Bloomberg.

Nortel argued that “paying monthly benefits under the company

  1. Rolland Jolley Sunday, April 19, 2009

    in my view I blame the government for half the problems in most of the companies pension plans by allowing them to not topping the pensions plans as required by law, as far as pensioners loosing their pensions and benefits is a breach of contract and should be settled in court..Is this normal to leave the pensioners height and dry after working for Nortel for a third of their lives?,and yet the executives walk away with fat bonuses and hefty pensions after ruining the company.where is the logic and justice in all of this. They [executive] have a conract and we [pensioners] also have a contract.We the pensioners made this company great and the execs made it what it is today.

Comments have been disabled for this post