Natasha Monkman Quoted by the Financial Post on Nortel Pensioners Litigation
Hicks Morley’s Natasha Monkman was quoted by the Financial Post in an article titled “More waiting could be in store for Nortel pensioners.” The article discusses how a recent decision by the Financial Services Commission of Ontario (FSCO) to reclaim $200 million from monies allocated to pensioners in the Nortel Networks Corp. bankruptcy, and the related litigation, could leave their final recovery delayed for another four years.
In a “notice of intended decision,” FSCO’s Deputy Superintendent for pensions, rejected the pensioners’ application that sought to apply proceeds of the sale of Nortel assets to fund pension liabilities, including indexation of benefits. The pensioners have filed a request for a hearing before the Financial Services Tribunal (FST), which will decide whether to uphold FSCO’s decision.
Precisely when that will happen isn’t clear. “It can take months before the hearing is scheduled, more time until the decision is rendered, potentially followed by appeals to the Divisional Court, the Ontario Court of Appeal and the Supreme Court of Canada” Natasha said. “As much as four years could go by before it’s all said and done” she added.