Nortel faces pension lawsuit in Ontario
Telecommunications equipment maker Nortel Networks Corp. is facing a class action lawsuit because of the changes the company made to its pension plan in 2006.
The class action seeks compensation due to Nortel’s “failure to provide to their employees reasonable notice of the changes to the pension plan.”
The employees also claim the company doesn’t plan to consider future salary increments beyond Jan. 1 when it tallied the value of pension benefits.
The exact number of employees involved in the lawsuit and the procedure for handling claims by individual employees has not been determined nor has this case been certified as a class action lawsuit.
The suit was filed with Ontario Superior Court on Tuesday on behalf of Nortel employees from across Canada.
This is not the first time Nortel is dealing with a class action lawsuit. In 2004, it had a securities lawsuit filed against it.
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