NETHERLANDS - Dutch pension fund giant ABP has filed a class-action suit against the Ontario-based Nortel Networks, alleging the company issued incorrect financial statements, which resulted in a "substantial investment loss" for the fund.
The e156bn pension fund is reportedly claiming losses of $195m, incurred during the period from February 16, 2001 to April 28, 2004, and said it hoped to recover at least part of this amount through the action.
Accusing Nortel of “imputable intention”, ABP said that its losses were incurred due to decisions based on the financial information, which was made available to the public by Nortel and turned out to be incorrect.
“By opting for the status of lead plaintiff ABP expects it will be able to positively influence the amount that ultimately will become available for distribution among the investors,” the fund said.
ABP has played an active role in procedures against AOL Time Warner and Qwest.
Nortel is facing a series of class action lawsuits from investors, including one from the pension trust of the Ontario Public Service Employees Union. The Securities Exchange Commission and the Ontario Exchange Commission are currently examining the company’s accounting records.
Ex-BHS owner Dominic Chappell has been ordered to pay a total of £87,000 in fines and court costs after he was found guilty of failing to provide The Pensions Regulator (TPR) with information.
The Department for Work and Pensions (DWP) has said it while believes in the benefits of consolidating defined benefit (DB) schemes, there are significant issues to overcome.
There is just one week left to register to enter the Workplace Savings and Benefits Awards 2018.
Nearly a third (32%) of employers believe new technologies, such as augmented and virtual reality, will play a part in benefits communications, latest research from Aon Employee Benefits reveals.