Nortel hit by £2.1bn legal action

The UK Pensions Regulator has filed a claim for £2.1bn against failed telecom equipment giant Nortel Networks, it emerged at the weekend. According to a filing to an Ontario court, the regulator has set a 1 March deadline for action that could lead to an order against Nortel’s assets. Once America’s biggest telecoms equipment maker, Nortel filed for bankruptcy protection in January 2009 and is auctioning off its assets in an effort to pay back debt holders, rather than restructuring the business.