An employee of Nortel Networks Corporation and Nortel Networks Limited launched a class action on June 24, 2008 claiming damages and other relief for Nortel employees who, on June 26, 2006, who did not meet grandfathering criteria for continued participation in the defined benefit (DB) provisions of the Nortel Networks Limited Managerial and Non-Negotiated Pension […]
An Ottawa-based law firm has commenced a national class action lawsuit on behalf of Nortel employees across the country regarding changes made to the telecom company equipment’s pension plan. The suit, filed by Nelligan O’Brien Payne, claims that Nortel failed to provide employees reasonable notice of changes to the plan. In June of 2006, Nortel […]
Nortel Networks says it understated its Canadian and American pension costs by US$104 million over several years. The Toronto-based firm identified certain errors primarily through discussions with its North American pension and post-retirement plan actuaries. Nortel will restate its financial results for 2004, 2005 and the first nine months of 2006, and will make adjustments […]
The Ontario Superior Court of Justice approved a US$2.45 billion settlement that resolves lawsuits as to whether Nortel misled investors during two separate class periods. The decision follows the approval of the settlement in the two U.S. class actions last month. The Ontario Teachers’ Pension Plan Board was the lead plaintiff in one suit. In […]
Nortel Networks has won the approval of two U.S. judges for a US$2.45 billion settlement to resolve lawsuits over accounting fraud. The Ontario Teachers’ Pension Plan Board was the lead plaintiff in one suit. In the other suit, the lead plaintiff was OPTrust, the administrator of the Ontario Public Service Employees Union Pension Plan. Shareholders […]
With plans for a major restructuring, Nortel Networks is also planning to overhaul its pension plans. After announcing it would reduce about 1,100 North American positions, Nortel also said it would introduce a Capital Accumulation Plan for all current and future employees beginning Jan. 1, 2008. Those employees who are already in a defined contribution […]
Whether it’s in the magazine, on the website or at our various defined contribution pension plan events, Benefits Canada is regularly writing about how DC plans are evolving. The pension industry has come a very long way in the last few decades. When my parents began their working lives in the early 1970s, they both had defined […]
What’s in a name? A pension by any other name would smell as sweet — or would it? I started writing this month’s Pension Feature as an exercise to sift through some of the terms used by the pension industry to describe the different types of plans, but also to answer the question: Does the […]
The bill is a divisive one, with the pension industry concerned about the future of corporate-sponsored defined benefit pension plans and an association representing plan members firmly in its favour. Todd Saulnier, board president, the Association of Canadian Pension Management While Bill C-228 on its own may not spell the end of all DB plans, […]
OVERVIEW AGENDA SPEAKERS POST EVENT COVERAGE DIGITAL BINDER PDF PRESENTATIONS Speaker Frederic Simard, co-founder, chief of product and strategy, MedHelper As MedHelper co-founder, Frederic Simard leads the organization’s product and strategy. He is responsible for driving the company’s strategy, building the business and customer target operating model. He was a former executive at TELUS Health […]