Nortel group is fined £2.1bn
REGULATORS yesterday took the unusual step of ordering administrators of the insolvent Nortel group to provide up to £2.1bn in financial support to help bail out its 42,000 pension fund members in Britain.
The Pensions Regulator issued a Financial Support Direction against 25 companies in the telecoms equipment group, which was put into administration in January last year.
The regulator accused the Canadian parent company of squeezing its British subsidiary for years – to the detriment of the pension fund that it sponsored.