NEW YORK-Unsecured creditors of 360networks Inc. have filed a class action lawsuit against Nortel Networks Ltd. to recover $100 million.
The creditors are represented by law firm Sidley Brown &Wood LLP.
“The Committee is very confident that it will be able to achieve substantial recoveries against Nortel and other defendants, which will go a long way toward achieving the recoveries projected for creditors in 360networks’ plan,” said Norman Kinel, counsel to the Creditors Committee and a partner at Sidley Austin Brown & Wood in New York.
Although the Official Committee of Unsecured Creditors in the Chapter 11 bankruptcy plans to commence hundreds of such lawsuits, it says the suit against Nortel will be the largest.
