In December 2005, Siskinds filed an application in the Ontario Superior Court of Justice for leave to commence a statutory representative (or derivative) action, in the name and on behalf of Nortel Networks Corporation ("Nortel"), pursuant to sections 239 and 240 of the Canada Business Corporations Act. The application was filed on behalf of two, U.S.-base pension funds who are current or former shareholders of Nortel. The applicants seek leave to prosecute an action against twenty-nine current and former officers and directors of Nortel for alleged acts of negligence and alleged breaches of fiduciary duty. In addition to seeking $1 billion in damages on behalf of Nortel, the applicants seek extensive corporate governance reforms at Nortel. The application is currently pending.

• Click here to view the related Notice of Application.

Inquiries may be directed to Denise Kinting at 1-800-461-6166 ext. 2360 or to denise.kinting@siskinds.com.