Pensions regulator appeals court rulings in £2.1 billion Nortel case

The Pensions Regulator is insisting that recent decisions in the US and Canadian courts will not prevent it seeking to impose a financial support direction (FSD) on insolvent Nortel companies that are in those countries that are part of the group sponsoring the Nortel Networks UK Pension Plan.

The regulator expressed its "surprise" at the decisions in the North American courts, which effectively rule that the UK regulator's FSD process to recover an amount up to £2.1 billion breaches US insolvency procedures.