Nortel U.K. Retirees Lose Bid for Arbitration

Nortel Networks Corp. retirees in the U.K. lost a bid to force the defunct telecommunications company into private arbitration over how to split $7 billion.

Today’s ruling means retirees and creditors of Nortel’s European units must fight for a bigger chunk of the cash in U.S. and Canadian courts, where Nortel’s main units have been in bankruptcy since 2009.