You will recall that we posted a note on the website last November concerning a meeting held in New York (see below). We can report that a further meeting of all major parties took place in New York from 10 -13 April but again failed to result in a negotiated agreement.

As before, all parties are bound by obligations of strict confidentiality, however you may be interested to read the following notice:

Nortel: News Releases: Nortel Announces Unsuccessful Conclusion to Mediation Process

In the meantime the Trustee continues to pursue its claims through the courts.

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A meeting was held in New York from November 11-16, 2010 which was attended by all major parties having an interest in the final outcome of the various global Nortel insolvency processes. Representatives from the Trustee, the Pension Protection Fund and the Pensions Regulator were present and the Trustee/PPF was supported by its financial and legal advisers. The non-binding proceedings were presided over by a retired US judge and all parties are bound by obligations of strict confidentiality.  At this stage we can only report that all parties were willing to explore the possibility of a negotiated agreement.  Much work still needs to be done and we cannot give an estimate of when a conclusion might be reached.  As soon as we are able to give more information we will do so but please rest assured that your Trustees are doing everything possible to maximise the future benefits of all Plan members. In the meantime, the Trustee continues to pursue its claims through the courts.