The Ontario Superior Court of Justice approved a US$2.45 billion settlement that resolves lawsuits as to whether Nortel misled investors during two separate class periods.

The decision follows the approval of the settlement in the two U.S. class actions last month.

The Ontario Teachers’ Pension Plan Board was the lead plaintiff in one suit. In the other suit, the lead plaintiff was OPTrust, the administrator of the Ontario Public Service Employees Union Pension Plan.

The settlement still requires approval by the Quebec Superior Court.

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