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Violation Tracker UK Individual Case

Company: Nortel Group
Current Parent CompanyNortel Networks
Parent at the Time of the Penalty Announcement: Nortel Networks
Penalty: £1,000,000,000
Year: 2017
Date: 1 May, 2017
Offence Group: employment-related offences
Offence Type: pension plan violation
Violation Description: A settlement between the companies of the Nortel Group and the Nortel Networks UK Pension Plan, along with TPR and the PPF allowed the distribution of a share of the money available in the US and Canada to Nortel's creditors to be paid to the pension plan, after court cases in the UK, US and Canada to determine the rights of enforcement action. The aggregate payments were estimated to be in excess of £1 billion.
Action Type: agency action
Settlement Type: Settlement with TPA
Agency: The Pensions Regulator
HQ Country of Parent: Canada
Ownership Structure of Parent: out of business
Major Industry of Parent: telecommunications
Specific Industry of Parent: telecommunications
Source of Data(click here)