Case Number: No. 3:03-md-01537
Practice Area: Employee Benefits & ERISA
Case Status: Settled
Settlement Amount: $21.5 million
Court: United States District Court for the Middle District of Tennessee
Berger Montague served as co-lead counsel and obtained a $21.5 million settlement on behalf of a class of participant employees in the 401k Long-Term Investment Plan sponsored by Nortel Networks, Inc. The case was litigated in the United States District Court for the Middle District of Tennessee and captioned In re Nortel Networks Corp. ERISA Litigation, No. 3:03-md-01537 (M.D. Tenn.).
Led by Todd S. Collins and Ellen T. Noteware, the plaintiffs alleged that from March 7, 2000 through January 1, 2008, the defendant Nortel Networks Corp. engaged in a variety of practices that caused its income and assets to be vastly overstated. Nortel restated its financial statements on several occasions and then sought bankruptcy protection in the United States and Canada. The fiduciaries for the Plan allegedly failed to discharge their duties to Plan participants who invested in Nortel stock through the Plan. As a result, the Plan and Plan participants lost heavily as Nortel stock plummeted on disclosure of the true operating and financial condition of the company.
If you or your company has been harmed by conduct, including breaches of fiduciary duty, that you believe violates ERISA or state laws, please contact Berger Montague.
About Berger Montague
Berger Montague is a national law firm focusing on complex civil litigation in federal and state courts throughout the United States. For over half a century, Berger Montague has played lead roles in consequential, precedent-setting cases and has recovered over $50 billion for its clients and the classes they have represented. Berger Montague is headquartered in Philadelphia and has offices in Chicago, Minneapolis, San Diego, San Francisco, Toronto, and Washington, D.C.