In February 2001, the Association de protection des épargnants et investisseurs du Québec (now known as the Mouvement d'éducation et de défense des actionnaires (MÉDAC)) filed in the Superior Court of Quebec a Motion for Authorization to Institute a Class Action against Nortel Networks Corporation (“Nortel”) on behalf of a group of shareholders.
In January 2007, Justice Michèle Monast, j.s.c., approved the settlement of this class action. The settlement agreement states, among other things, that the class will be able to benefit on a pro rata basis from a fund established by Nortel and evaluated at more than one billion US dollars (as of June 2006).
In April 2008, Justice Michèle Monast, j.s.c., ordered an initial distribution of the cash and shares that Nortel committed to pay and issue in accordance with the settlement.
With respect to any subsequent distribution, please note that the cash that Nortel committed to pay is presently held in trust and that the share value has been crystallized at the time of the initial distribution ($8.0823 USD). Consequently, any amount that will be payable on a subsequent distribution and that would have been payable in shares during the initial distribution will be payable in cash at the crystallized share value.
For more information, we also invite you to visit the Claims Administrator's web site, or to call its toll-free number at 1-866-881-7495.
This class action is lead by Belleau Lapointe, LLP.
The Superior Court approves certain cured or late claims and orders their payment.
The Superior Court orders an initial distribution of the cash and shares that must be paid and issued on a pro rata basis. For the purposes of any subsequent distribution, the Court also crystallizes the value of the shares at the time of the initial distribution.
The Superior Court of Quebec approves the settlement.
MÉDAC and Nortel agree in principle on the terms of a purported settlement and the Superior Court of Quebec authorizes the bringing of the class action against Nortel for settlement purposes only.
Nortel announces by way of press release that an agreement in principle has been reached in the United States with regard to various class actions against it.
The Court of Appeal of Quebec dismisses Nortel's motion for permission to appeal Justice Bélanger's judgement.
Justice François Bélanger, j.s.c., dismisses Nortel's motion to reject at a preliminary stage the Motion for authorization to institute a class action.
Filing by MÉDAC of Motion for authorization to institute a class action against Nortel.