Nortel Settlement Agreement with Former and Disabled Canadian Employees

From http://www.telecomreseller.com/

Settlement Agreement with Former and Disabled Canadian Employee Representatives-Transfer of Canadian Registered Pension Plans

TORONTO, ONTARIO–(Marketwire – Sept. 29, 2010) – Nortel(1) Networks Corporation (OTCBB:NRTLQ) today reconfirmed that as of October 1st, 2010, the administration of the Nortel Networks Negotiated Pension Plan and the Nortel Networks Limited Managerial and Non-Negotiated Pension Plan (the “Pension Plans”) will be transitioned to Morneau Sobeco Limited Partnership, the replacement administrator appointed by the Ontario Superintendent of Financial Services (the “Superintendent”). This transition is pursuant to the court approved Settlement Agreement with former and disabled Canadian employee representatives initially announced on February 8, 2010, and is in accordance with the Ontario Pension Benefits Act.

Nortel and its court appointed Monitor, Ernst & Young Inc., have been actively working toward a smooth transition of the Pension Plans and have been in ongoing discussions with the Superintendent. Effective October 1, 2010, all inquiries regarding the Pension Plans should be directed to the replacement plan administrator, Morneau Sobeco Limited Partnership at 1-877-392-2074 with regards to the Managerial Plan and 1-877-392-2073 with regards to the Negotiated Plan or at the dedicated email address at nortelwindup@morneausobeco.com. The replacement administrator has advised Nortel that current monthly pension payments will continue unchanged until it notifies pensioners that a change will be made and that this is not expected to occur before the end of 2010.

Ongoing information can be found on and after October 1, 2010 at www.pensionwindups.morneausobeco.com.

As a reminder contact information for counsel in these proceedings is:

LTD Beneficiaries – Koskie Minsky LLP (1-866-777-6344) or www.kmlaw.ca.

Continuing Employees, which group includes employees whose employment has transferred to purchasers of Nortel business units after January 14, 2009 – Nelligan O’Brien Payne LLP and Shibley Righton LLP at (1-888-565-9912) or ncce@nelligan.ca.

Members or former members of the CAW represented by counsel to the CAW – Barry Wadsworth at 1-800-268-5763 ext. 3776 or by e-mail to mbondy@caw.ca.

Former Employees (including pensioners and those receiving survivor benefits) – Koskie Minsky LLP at 1-866-777-6344 or www.kmlaw.ca.