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Claims brought by the trustees of the Nortel pension scheme and the Pension Protection Fund against the scheme's sponsor's insolvent Canadian parent company in the recent case of Re Nortel Networks Corporation et al 2014 ONSC 6973 had some mixed success in the Ontario Superior Court of Justice.
Angela Dimsdale Gill, lead partner at Hogan Lovells, comments on the Canadian ruling that featured a claim based on the Pension Regulator's ability to issue a financial support direction (FSD) against the insolvent parent.
The Ontario court essentially decided three claims brought by the trustee of the Nortel Networks UK Pension Plan and the UK Board of the Pension Protection Fund (PPF), principally against Nortel's Canadian parent operating company (Nortel Networks UK Limited (NNL)). Those claims were:
The court allowed one of the trustee's
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