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Diane Urquhart
Diane Urquhart
Alma mater	McMaster University (BA) ; University of Toronto (MA)
Occupation	Financial analyst

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Diane Urquhart is a Canadian independent financial analyst and former senior securities industry executive.^[1]^[2] She is a major critic of the financial system in Canada, a member of the Small Investor Protection Association,^[3] and president of the Social Planning Council of Ottawa.^[4]

Early life

Urquhart earned a Bachelor of Arts in economics and mathematics from McMaster University and a Master of Arts in econometrics and monetary economics from University of Toronto.^[1]

She passed the Partners, Directors and Senior Officers and Registered Representative Examinations for the Canadian Securities Institute, and the Section 16 Supervisory Analyst Examination for the New York Stock Exchange.^[1]

Career

Urquhart started her career as a Bay Street research analyst.^[5]^[6]

ABCP

In 2008, Urquhart advised the Canadian law firm Juroviesky and Ricci LLP in a case representing 1,800 retail investors that alleged they were defrauded, resulting in "significant financial hardship," by the non-bank asset-backed commercial paper (ABCP).^[7]^[8] Urquhart appeared before the Parliamentary finance committee's hearings into Canada's frozen ABCP market as one of six witnesses to address the committee where she appeared on behalf of the clients.^[9]^[10] The witnesses said during their testimony that ABCP had assured the customers that their assets were safe in low-risk investments, but in actuality were in more volatile subprime lending schemes in the United States, resulting in enormous loss during the subprime crisis. She criticized the Ontario Securities Commission (OSC) saying, "[ABCP] have violated provincial securities acts and the Ontario Securities Commission has done nothing and stood by blindly."^[8]

In its 2007 financial report, Hamilton, Ontario allowed for a loss of $14.4 Million from the ABCP market, and the city's finance manager at the time, Joe Rinaldo, estimated that on the $97 Million investments into ABCP resulted in a loss that amounted exactly to the loss allowance. In Urquhart's research, she countered that the ABCP was more likely response for a loss of $50 million, and said it would be unlikely that the city would recoup its full principal. She based her estimate on a Superior Court valuation that the loss was at 51 cents on the dollar.^[11] In 2009, Canadian securities regulators approved penalties totaling $138.8 million against seven banks involved in the scheme,^[12] but Urquhart said that the deal was a "lose-lose" for small retail investors.^[13] She further criticized the settlement saying, "Deterrence only comes when the well-paid managers and experts in the banks lose their jobs," referring to the penalties as "minuscule," and warning that they would likely not reform the type of sales practices that led to the ABCP crisis.^[14]

Implicated institutions were credit rating agency Dominion Bond Rating Services (DBRS), the Federal Office of the Superintendent of Financial Institutions (OSFI), and the OSC.^[10]^[5]

Nortel

Starting in 2009, Urquhart volunteered to assist former Nortel employees, including laid off workers, pensioners, and the disabled in their battle to try and collect their benefits.^[2] The company filed for bankruptcy in January that year after an accounting scandal and a slew of mistakes by the company's management.^[15]

Typically, banks and other "secured" creditors have access to funds before pensioners, but Urquhart fought for seven years to ensure pensioners were a primary part of a settlement. Urquhart pointed out that Nortel had plenty of reserves for the former employees "There's money. We just think pensioners should get it first." After global liquidation, Nortel raised $7.3 billion.^[15] In October 2009, thousands of the affected severed workers gathered at Parliament Hill to protest losing their provincial entitlement to Nortel's creditors.^[16]

In 2010, a clause-by-clause review of a bill, C-501, An Act to amend the Bankruptcy and Insolvency Act and other Acts (pension protection),^[17] resulted in all mentions of pensions and pension-underfunding to be removed, a huge loss for the victims of Nortel's bankruptcy. Of the changes, Urquhart said she believed they were acting in good faith, but by the end of the year, the disabled employees lost their benefits, and Member of Parliament (MP) John Baird of Ottawa told her that "there would not be legislation to provide help." She remained optimistic that there would eventually be a financial relief package, and wrote a letter to the finance ministers at the federal, Ontario, Quebec, and Alberta levels demanding $80 million be recovered to the Nortel Health and Welfare Trust for the disabled. She contended the money was improperly removed and never replaced.^[18] Urquhart testified before a parliamentary committee about the missing money from the trust, and additionally that a $37 million loan to Nortel had not been paid back.^[19]

According to Urquhart's data in court filings, lawyers made more than a three billion dollars on Nortel's bankruptcy.^[20] The bankruptcy professional fees, drastically reduced⁸ the funds available for the former employees.^[15]^[21] She further noted that $190 Million US in bonuses had been paid out to executives post-bankruptcy.^[22]

In 2016, $4.1 billion of a $7.3 billion deal was earmarked for the victims, but Urquhart criticized the deal because United States creditors received 100 cents on the dollar, while the claimants owed funds from their former employment received much less, with disabled receiving only 60 cents on the dollar.^[23]

A judge cleared Nortel to end its bankruptcy in January 2017, after eight years and more than $3 billion fees, according to Urquhart's reports, making it the longest and most expensive bankruptcy on record.^[24]

Personal life

As of January 2013, Urquhart resided in the Toronto area, specifically in Mississauga, Canada.^[11]^[20]

References

^ ^a ^b ^c "Diane Urquhart - CV" (PDF). ismymoneysafe.org. Archived (PDF) from the original on 2022-01-18. Retrieved 16 January 2022.
^ ^a ^b Friend, David (12 May 2015). "Nortel bankruptcy: $7.3B in remaining assets to be split among subsidiaries". CBC. Retrieved 16 January 2022.
^ "Evidence - FINA (40-2) - No. 18 - House of Commons of Canada". www.ourcommons.ca. Retrieved 2022-01-16.
^ Bowden, Olivia (25 August 2020). "Culturally relevant dementia care system's missing piece, advocates say". CBC. Retrieved 23 January 2022.
^ ^a ^b Livesey, Bruce (2012). Thieves of Bay Street : how banks, brokerages, and the wealthy steal billions from Canadians. Toronto [Ont.]: Random House Canada. ISBN 978-0-307-35963-6. OCLC 738402137.
^ Critchley, Barry (16 November 2015). "Diane Urquhart adds her view on high fees and closed shop CCAA protection". Financial Post. Retrieved 2022-02-03.
^ Olver, Lynne; Mordan, Nicole (26 March 2008). "Some Canada retail ABCP investors hire law firm". Reuters. Retrieved 2022-01-16.
^ ^a ^b "ABCP investors say they were duped by financial community". CBC. 10 April 2008. Retrieved 16 January 2022.
^ "Justice Committee on Nov. 23rd, 2009 | openparliament.ca". openparliament.ca. Retrieved 2022-01-16.
^ ^a ^b "Evidence - FINA (40-2) - No. 21 - House of Commons of Canada". www.ourcommons.ca. Retrieved 2022-01-16.
^ ^a ^b "City lowballing ABCP losses, says financial analyst". The Hamilton Spectator. 27 May 2008. ISSN 1189-9417. Retrieved 2022-01-16.
^ "Banks to pay millions in ABCP case". CBC. 21 December 2009.
^ Oke, Chris (2008-04-01). "Small investors against ABCP deal". Yukon News. Archived from the original on 2022-01-18. Retrieved 2022-01-17.
^ Noble, Mark (22 December 2009). "ABCP investors blast settlement, regulators". Advisor's Edge. Archived from the original on 2022-01-18. Retrieved 2022-01-18.
^ ^a ^b ^c Hals, Tom (24 January 2017). "Nortel cleared to end bankruptcy, distribute $7 billion to creditors". Reuters. Retrieved 2022-01-24.
^ "Thousands swell Parliament Hill about Nortel". CTV News. 2009-10-21. Archived from the original on 2022-01-18. Retrieved 2022-01-18.
^ "Private Member's Bill C-501 (40-3) - First Reading - An Act to amend the Bankruptcy and Insolvency Act (termination and severance pay) - Parliament of Canada". www.parl.ca. Retrieved 2022-01-18.
^ "Nortel pensioners group lashes out after losing another round on Parliament Hill". CTV News. 2011-02-19. Archived from the original on 2022-01-18. Retrieved 2022-01-18.
^ "Evidence - FINA (40-3) - No. 5 - House of Commons of Canada". www.ourcommons.ca. Retrieved 2022-01-18.
^ ^a ^b Van Hasselt, Caroline (15 January 2013). "Big Winners in Nortel's Demise? Lawyers". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-01-19.
^ Nguyen, Linda (13 October 2016). "Nortel reaches settlement for $7.3B of bankruptcy liquidation assets". The Toronto Star. ISSN 0319-0781. Retrieved 23 January 2022.
^ Ireton, Julie (7 October 2016). "Nortel executives continue drawing bonuses years after bankruptcy". CBC. Retrieved 23 January 2022.
^ Pfeffer, Amanda (14 October 2016). "'Hallelujah!' Nortel pensioners welcome deal after 7-year fight". CBC. Retrieved 18 January 2022.
^ Brickley, Peg (25 January 2017). "Nortel Networks Wins Approval to Distribute $7.3 Billion to Creditors". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-02-03.

External links

Diane Urquhart on YouTube

[:1-1] "Diane Urquhart - CV" (PDF). ismymoneysafe.org. Archived (PDF) from the original on 2022-01-18. Retrieved 16 January 2022.

[:0-2] Friend, David (12 May 2015). "Nortel bankruptcy: $7.3B in remaining assets to be split among subsidiaries". CBC. Retrieved 16 January 2022.

[3] "Evidence - FINA (40-2) - No. 18 - House of Commons of Canada". www.ourcommons.ca. Retrieved 2022-01-16.

[4] Bowden, Olivia (25 August 2020). "Culturally relevant dementia care system's missing piece, advocates say". CBC. Retrieved 23 January 2022.

[:7-5] Livesey, Bruce (2012). Thieves of Bay Street : how banks, brokerages, and the wealthy steal billions from Canadians. Toronto [Ont.]: Random House Canada. ISBN 978-0-307-35963-6. OCLC 738402137.

[6] Critchley, Barry (16 November 2015). "Diane Urquhart adds her view on high fees and closed shop CCAA protection". Financial Post. Retrieved 2022-02-03.

[7] Olver, Lynne; Mordan, Nicole (26 March 2008). "Some Canada retail ABCP investors hire law firm". Reuters. Retrieved 2022-01-16.

[:2-8] "ABCP investors say they were duped by financial community". CBC. 10 April 2008. Retrieved 16 January 2022.

[9] "Justice Committee on Nov. 23rd, 2009 | openparliament.ca". openparliament.ca. Retrieved 2022-01-16.

[:4-10] "Evidence - FINA (40-2) - No. 21 - House of Commons of Canada". www.ourcommons.ca. Retrieved 2022-01-16.

[:3-11] "City lowballing ABCP losses, says financial analyst". The Hamilton Spectator. 27 May 2008. ISSN 1189-9417. Retrieved 2022-01-16.

[12] "Banks to pay millions in ABCP case". CBC. 21 December 2009.

[13] Oke, Chris (2008-04-01). "Small investors against ABCP deal". Yukon News. Archived from the original on 2022-01-18. Retrieved 2022-01-17.

[14] Noble, Mark (22 December 2009). "ABCP investors blast settlement, regulators". Advisor's Edge. Archived from the original on 2022-01-18. Retrieved 2022-01-18.

[:6-15] Hals, Tom (24 January 2017). "Nortel cleared to end bankruptcy, distribute $7 billion to creditors". Reuters. Retrieved 2022-01-24.

[16] "Thousands swell Parliament Hill about Nortel". CTV News. 2009-10-21. Archived from the original on 2022-01-18. Retrieved 2022-01-18.

[17] "Private Member's Bill C-501 (40-3) - First Reading - An Act to amend the Bankruptcy and Insolvency Act (termination and severance pay) - Parliament of Canada". www.parl.ca. Retrieved 2022-01-18.

[18] "Nortel pensioners group lashes out after losing another round on Parliament Hill". CTV News. 2011-02-19. Archived from the original on 2022-01-18. Retrieved 2022-01-18.

[19] "Evidence - FINA (40-3) - No. 5 - House of Commons of Canada". www.ourcommons.ca. Retrieved 2022-01-18.

[:5-20] Van Hasselt, Caroline (15 January 2013). "Big Winners in Nortel's Demise? Lawyers". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-01-19.

[21] Nguyen, Linda (13 October 2016). "Nortel reaches settlement for $7.3B of bankruptcy liquidation assets". The Toronto Star. ISSN 0319-0781. Retrieved 23 January 2022.

[22] Ireton, Julie (7 October 2016). "Nortel executives continue drawing bonuses years after bankruptcy". CBC. Retrieved 23 January 2022.

[23] Pfeffer, Amanda (14 October 2016). "'Hallelujah!' Nortel pensioners welcome deal after 7-year fight". CBC. Retrieved 18 January 2022.

[24] Brickley, Peg (25 January 2017). "Nortel Networks Wins Approval to Distribute $7.3 Billion to Creditors". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-02-03.

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@@ Line 1: / Line 1: @@
+{{Short description|Canadian financial analyst}}
-{{notability|Biographies|date=November 2011}}
+{{Infobox person
-'''Diane Urquhart''' is an independent [[financial analyst]] and former senior securities industry executive. She is a major critic of  the financial system in Canada. She appeared before the Parliamentary finance committee’s hearings into Canada’s frozen non-bank [[asset-backed commercial paper]] as one of six witnesses to address the committee where she  appeared on behalf of a group of retail customers of non-bank ABCP.
+| name               = Diane Urquhart
+| alma_mater         = [[McMaster University]] (BA) <br>
+[[University of Toronto]] (MA)
+| occupation         = Financial analyst
+}}
+'''Diane Urquhart''' is a Canadian independent [[financial analyst]] and former senior securities industry executive.<ref name=":1">{{Cite web|title=Diane Urquhart - CV|url=http://ismymoneysafe.org/pdf/CVDianeUrquhart.pdf|url-status=live|access-date=16 January 2022|website=ismymoneysafe.org|archive-url=https://web.archive.org/web/20220118182407/http://ismymoneysafe.org/pdf/CVDianeUrquhart.pdf |archive-date=2022-01-18 }}</ref><ref name=":0" /> She is a major critic of the financial system in Canada, a member of the Small Investor Protection Association,<ref>{{Cite web|title=Evidence - FINA (40-2) - No. 18 - House of Commons of Canada|url=https://www.ourcommons.ca/DocumentViewer/en/40-2/FINA/meeting-18/evidence|access-date=2022-01-16|website=www.ourcommons.ca|language=en}}</ref> and president of the Social Planning Council of Ottawa.<ref>{{Cite news|last=Bowden|first=Olivia|date=25 August 2020|title=Culturally relevant dementia care system's missing piece, advocates say|work=[[Canadian Broadcast Corporation|CBC]]|url=https://www.cbc.ca/news/canada/ottawa/dementia-seniors-immigrants-programming-1.5697664|access-date=23 January 2022}}</ref>
+== Early life ==
-Diane Urquhart says that asset-backed commercial paper is responsible for a loss of $7–$13 billion in Canada held primarily by government,  corporation pension funds and treasuries. Implicated are credit rating agency [[Dominion Bond Rating Services]] (DBRS), the [[Federal Office of the Superintendent of Financial Institutions]] (OSFI), and the [[Ontario Securities Commission]]. Ms Urquhart also speaks out against some powerful institutions and  people, such as [[Ernst & Young]],  [[JP Morgan]] and [[Purdy Crawford]].
+Urquhart earned a [[Bachelor of Arts]] in [[economics]] and [[mathematics]] from [[McMaster University]] and a [[Master of Arts]] in [[econometrics]] and [[monetary economics]] from [[University of Toronto]].<ref name=":1">{{Cite web|title=Diane Urquhart - CV|url=http://ismymoneysafe.org/pdf/CVDianeUrquhart.pdf|url-status=live|access-date=16 January 2022|website=ismymoneysafe.org|archive-url=https://web.archive.org/web/20220118182407/http://ismymoneysafe.org/pdf/CVDianeUrquhart.pdf |archive-date=2022-01-18 }}</ref>
-<ref>{{cite news |last=Greenwood |first=John |url=http://www.nationalpost.com/related/topics/ABCP+maker+misled+investors/5473924/story.html |title=OSC: ABCP maker misled investors |work=National Post |date=2011-09-29 |accessdate=2011-11-07}}</ref>
+She passed the Partners, Directors and Senior Officers and Registered Representative Examinations for the [[Canadian Securities Institute]], and the Section 16 Supervisory Analyst Examination for the [[New York Stock Exchange]].<ref name=":1">{{Cite web|title=Diane Urquhart - CV|url=http://ismymoneysafe.org/pdf/CVDianeUrquhart.pdf|url-status=live|access-date=16 January 2022|website=ismymoneysafe.org|archive-url=https://web.archive.org/web/20220118182407/http://ismymoneysafe.org/pdf/CVDianeUrquhart.pdf |archive-date=2022-01-18 }}</ref>
-Urquhart has been helping the [[Nortel]]'s  [[laid off]]  employees, [[pensioner]]s,  and the [[disabled]] in their battle to try and collect their [[Employee benefit|benefit]]s from the [[bankrupt]] company.<ref>https://www.youtube.com/watch?v=vAfBoPOftT4</ref> She also testified in 2010  before a parliamentary committee that $100 million is missing from the Nortel Health and Welfare Trust and that a $37 million loan to Nortel has not been paid back.<ref>[http://parlvuvod.parl.gc.ca/StreamLogger/2010/2010-03/000178b2.wmv Standing committee on Finance hearings]</ref>
-==Interviews==
+== Career ==
+Urquhart started her career as a [[Bay Street]] research analyst.<ref name=":7" /><ref>{{Cite news|last=Critchley|first=Barry|date=16 November 2015|title=Diane Urquhart adds her view on high fees and closed shop CCAA protection|language=en|work=[[Financial Post]]|url=https://financialpost.com/investing/investing-pro/diane-urquhart-adds-her-view-on-high-fees-and-closed-shop-ccaa-protection|access-date=2022-02-03}}</ref>
-* https://www.youtube.com/watch?v=FOqFcYfEXjk CTV Canada AM interview
+=== ABCP ===
+{{See also|Asset-backed commercial paper}}
+In 2008, Urquhart advised the Canadian law firm Juroviesky and Ricci LLP in a case representing 1,800 retail investors that alleged they were defrauded, resulting in "significant financial hardship," by the non-bank asset-backed commercial paper (ABCP).<ref>{{Cite news|last=Olver|first=Lynne|last2=Mordan|first2=Nicole|date=26 March 2008|title=Some Canada retail ABCP investors hire law firm|language=en|work=[[Reuters]]|url=https://www.reuters.com/article/canada-abcp-legal-idCAN2643773820080326|access-date=2022-01-16}}</ref><ref name=":2">{{Cite news|date=10 April 2008|title=ABCP investors say they were duped by financial community|work=[[Canadian Broadcasting Corporation|CBC]]|url=https://www.cbc.ca/news/business/abcp-investors-say-they-were-duped-by-financial-community-1.756088|access-date=16 January 2022}}</ref> Urquhart appeared before the Parliamentary finance committee's hearings into Canada's frozen ABCP market as one of six witnesses to address the committee where she appeared on behalf of the clients.<ref>{{Cite web|title=Justice Committee on Nov. 23rd, 2009 {{!}} openparliament.ca|url=https://openparliament.ca/committees/justice/40-2/49/diane-urquhart-1/|access-date=2022-01-16|website=openparliament.ca}}</ref><ref name=":4">{{Cite web|title=Evidence - FINA (40-2) - No. 21 - House of Commons of Canada|url=https://www.ourcommons.ca/DocumentViewer/en/40-2/FINA/meeting-21/evidence|access-date=2022-01-16|website=www.ourcommons.ca|language=en}}</ref> The witnesses said during their testimony that ABCP had assured the customers that their assets were safe in low-risk investments, but in actuality were in more volatile [[subprime lending]] schemes in the [[United States]], resulting in enormous loss during the [[Subprime crisis impact timeline|subprime crisis]]. She criticized the [[Ontario Securities Commission]] (OSC) saying, "[ABCP] have violated provincial securities acts and the Ontario Securities Commission has done nothing and stood by blindly."<ref name=":2">{{Cite news|date=10 April 2008|title=ABCP investors say they were duped by financial community|work=[[Canadian Broadcasting Corporation|CBC]]|url=https://www.cbc.ca/news/business/abcp-investors-say-they-were-duped-by-financial-community-1.756088|access-date=16 January 2022}}</ref>
+In its 2007 financial report, [[Hamilton, Ontario]] allowed for a loss of $14.4 Million from the ABCP market, and the city's finance manager at the time, Joe Rinaldo, estimated that on the $97 Million investments into ABCP resulted in a loss that amounted exactly to the loss allowance. In Urquhart's research, she countered that the ABCP was more likely response for a loss of $50 million, and said it would be unlikely that the city would recoup its full principal. She based her estimate on a Superior Court valuation that the loss was at 51 cents on the dollar.<ref name=":3" /> In 2009, Canadian securities regulators approved penalties totaling $138.8 million against seven banks involved in the scheme,<ref>{{Cite news|date=21 December 2009|title=Banks to pay millions in ABCP case|work=[[Canadian Broadcasting Corporation|CBC]]|url=https://www.cbc.ca/news/business/banks-to-pay-millions-in-abcp-case-1.864830}}</ref> but Urquhart said that the deal was a "lose-lose" for small retail investors.<ref>{{Cite web|last=Oke|first=Chris|date=2008-04-01|title=Small investors against ABCP deal|url=https://www.yukon-news.com/news/small-investors-against-abcp-deal/|url-status=live|access-date=2022-01-17|website=[[Yukon News]]|language=en-US|archive-url=https://web.archive.org/web/20220118182446/https://www.yukon-news.com/news/small-investors-against-abcp-deal/ |archive-date=2022-01-18 }}</ref> She further criticized the settlement saying, "Deterrence only comes when the well-paid managers and experts in the banks lose their jobs," referring to the penalties as "minuscule," and warning that they would likely not reform the type of sales practices that led to the ABCP crisis.<ref>{{Cite web|last=Noble|first=Mark|date=22 December 2009|title=ABCP investors blast settlement, regulators|url=https://www.advisor.ca/news/industry-news/abcp-investors-blast-settlement-regulators/|url-status=live|access-date=2022-01-18|website=[[Advisor's Edge]]|language=en|archive-url=https://web.archive.org/web/20220118182812/https://www.advisor.ca/news/industry-news/abcp-investors-blast-settlement-regulators/ |archive-date=2022-01-18 }}</ref>
+Implicated institutions were credit rating agency [[Dominion Bond Rating Services]] (DBRS), the [[Federal Office of the Superintendent of Financial Institutions]] (OSFI), and the OSC.<ref name=":4" /><ref name=":7">{{Cite book|last=Livesey|first=Bruce|url=https://www.worldcat.org/oclc/738402137|title=Thieves of Bay Street : how banks, brokerages, and the wealthy steal billions from Canadians|date=2012|publisher=Random House Canada|isbn=978-0-307-35963-6|location=Toronto [Ont.]|oclc=738402137}}</ref>
+=== Nortel ===
+{{See also|Nortel}}
+Starting in 2009, Urquhart volunteered to assist former Nortel employees, including [[Layoff|laid off]] workers, [[pensioner]]s, and the [[disabled]] in their battle to try and collect their [[Employee benefit|benefit]]s.<ref name=":0">{{Cite news|last=Friend|first=David|date=12 May 2015|title=Nortel bankruptcy: $7.3B in remaining assets to be split among subsidiaries|work=[[Canadian Broadcast Corporation|CBC]]|url=https://www.cbc.ca/news/business/nortel-bankruptcy-7-3b-in-remaining-assets-to-be-split-among-subsidiaries-1.3071789|access-date=16 January 2022}}</ref> The company filed for [[bankruptcy]] in January that year after an accounting scandal and a slew of mistakes by the company's management.<ref name=":6">{{Cite news|last=Hals|first=Tom|date=24 January 2017|title=Nortel cleared to end bankruptcy, distribute $7 billion to creditors|language=en|work=Reuters|url=https://www.reuters.com/article/us-nortelnetworks-bankruptcy-idUSKBN1582TO|access-date=2022-01-24}}</ref>
+Typically, banks and other "secured" creditors have access to funds before pensioners, but Urquhart fought for seven years to ensure pensioners were a primary part of a settlement. Urquhart pointed out that Nortel had plenty of reserves for the former employees "There's money. We just think pensioners should get it first." After global liquidation, Nortel raised $7.3 billion.<ref name=":6">{{Cite news|last=Hals|first=Tom|date=24 January 2017|title=Nortel cleared to end bankruptcy, distribute $7 billion to creditors|language=en|work=Reuters|url=https://www.reuters.com/article/us-nortelnetworks-bankruptcy-idUSKBN1582TO|access-date=2022-01-24}}</ref> In October 2009, thousands of the affected severed workers gathered at [[Parliament Hill]] to protest losing their provincial entitlement to Nortel's creditors.<ref>{{Cite web|date=2009-10-21|title=Thousands swell Parliament Hill about Nortel|url=https://ottawa.ctvnews.ca/thousands-swell-parliament-hill-about-nortel-1.445795|url-status=live|access-date=2022-01-18|website=[[CTV News]]|language=en|archive-url=https://web.archive.org/web/20220118061532/https://ottawa.ctvnews.ca/thousands-swell-parliament-hill-about-nortel-1.445795 |archive-date=2022-01-18 }}</ref>
+In 2010, a clause-by-clause review of a bill, ''C-501'', ''An Act to amend the Bankruptcy and Insolvency Act and other Acts (pension protection)'',<ref>{{Cite web|title=Private Member's Bill C-501 (40-3) - First Reading - An Act to amend the Bankruptcy and Insolvency Act (termination and severance pay) - Parliament of Canada|url=https://www.parl.ca/DocumentViewer/en/40-3/bill/C-501/first-reading|access-date=2022-01-18|website=www.parl.ca|language=en}}</ref> resulted in all mentions of pensions and pension-underfunding to be removed, a huge loss for the victims of Nortel's bankruptcy. Of the changes, Urquhart said she believed they were acting in good faith, but by the end of the year, the disabled employees lost their benefits, and [[Member of Parliament (Canada)|Member of Parliament]] (MP) [[John Baird (Canadian politician)|John Baird]] of [[Ottawa]] told her that "there would not be legislation to provide help." She remained optimistic that there would eventually be a financial relief package, and wrote a letter to the [[Finance minister|finance ministers]] at the federal, [[Ontario]], [[Quebec]], and [[Alberta]] levels demanding $80 million be recovered to the Nortel Health and Welfare Trust for the disabled. She contended the money was improperly removed and never replaced.<ref>{{Cite web|date=2011-02-19|title=Nortel pensioners group lashes out after losing another round on Parliament Hill|url=https://ottawa.ctvnews.ca/nortel-pensioners-group-lashes-out-after-losing-another-round-on-parliament-hill-1.609809|url-status=live|access-date=2022-01-18|website=[[CTV News]]|language=en|archive-url=https://web.archive.org/web/20220118061534/https://ottawa.ctvnews.ca/nortel-pensioners-group-lashes-out-after-losing-another-round-on-parliament-hill-1.609809 |archive-date=2022-01-18 }}</ref> Urquhart testified before a parliamentary committee about the missing money from the trust, and additionally that a $37 million loan to Nortel had not been paid back.<ref>{{Cite web|title=Evidence - FINA (40-3) - No. 5 - House of Commons of Canada|url=https://www.ourcommons.ca/DocumentViewer/en/40-3/FINA/meeting-5/evidence|access-date=2022-01-18|website=www.ourcommons.ca|language=en}}</ref>
+According to Urquhart's data in court filings, lawyers made more than a three billion dollars on Nortel's bankruptcy.<ref name=":5">{{Cite news|last=Van Hasselt|first=Caroline|date=15 January 2013|title=Big Winners in Nortel's Demise? Lawyers|language=en-US|work=[[Wall Street Journal]]|url=https://www.wsj.com/articles/BL-BANKB-18551|access-date=2022-01-19|issn=0099-9660}}</ref> The bankruptcy professional fees, drastically reduced⁸ the funds available for the former employees.<ref name=":6">{{Cite news|last=Hals|first=Tom|date=24 January 2017|title=Nortel cleared to end bankruptcy, distribute $7 billion to creditors|language=en|work=Reuters|url=https://www.reuters.com/article/us-nortelnetworks-bankruptcy-idUSKBN1582TO|access-date=2022-01-24}}</ref><ref>{{Cite news|last=Nguyen|first=Linda|date=13 October 2016|title=Nortel reaches settlement for $7.3B of bankruptcy liquidation assets|language=en-CA|work=[[The Toronto Star]]|url=https://www.thestar.com/business/2016/10/13/nortel-reaches-settlement-for-73b-of-bankruptcy-liquidation-assets.html|access-date=23 January 2022|issn=0319-0781}}</ref> She further noted that $190 Million US in bonuses had been paid out to executives post-bankruptcy.<ref>{{Cite news|last=Ireton|first=Julie|date=7 October 2016|title=Nortel executives continue drawing bonuses years after bankruptcy|work=[[Canadian Broadcasting Corporation|CBC]]|url=https://www.cbc.ca/news/canada/ottawa/nortel-bankruptcy-pension-executives-bonuses-1.3792904|access-date=23 January 2022}}</ref>
+In 2016, $4.1 billion of a $7.3 billion deal was earmarked for the victims, but Urquhart criticized the deal because [[United States]] creditors received 100 cents on the dollar, while the claimants owed funds from their former employment received much less, with disabled receiving only  60 cents on the dollar.<ref>{{Cite news|last=Pfeffer|first=Amanda|date=14 October 2016|title='Hallelujah!' Nortel pensioners welcome deal after 7-year fight|work=[[Canadian Broadcasting Corporation|CBC]]|url=https://www.cbc.ca/news/canada/ottawa/nortel-pensioners-welcome-settlement-1.3804516|access-date=18 January 2022}}</ref>
+A judge cleared Nortel to end its bankruptcy in January 2017, after eight years and more than $3 billion fees, according to Urquhart's reports, making it the longest and most expensive bankruptcy on record.<ref>{{Cite news|last=Brickley|first=Peg|date=25 January 2017|title=Nortel Networks Wins Approval to Distribute $7.3 Billion to Creditors|language=en-US|work=[[Wall Street Journal]]|url=https://www.wsj.com/articles/nortel-networks-wins-approval-to-distribute-7-3-billion-to-creditors-1485296882|access-date=2022-02-03|issn=0099-9660}}</ref>
+== Personal life ==
+As of January 2013, Urquhart resided in the [[Toronto]] area, specifically in [[Mississauga|Mississauga, Canada]].<ref name=":3">{{Cite news|date=27 May 2008|title=City lowballing ABCP losses, says financial analyst|language=en|work=[[The Hamilton Spectator]]|url=https://www.thespec.com/news/2008/05/27/city-lowballing-abcp-losses-says-financial-analyst.html|access-date=2022-01-16|issn=1189-9417}}</ref><ref name=":5">{{Cite news|last=Van Hasselt|first=Caroline|date=15 January 2013|title=Big Winners in Nortel's Demise? Lawyers|language=en-US|work=[[Wall Street Journal]]|url=https://www.wsj.com/articles/BL-BANKB-18551|access-date=2022-01-19|issn=0099-9660}}</ref>
 == References ==
@@ Line 14: / Line 47: @@
 ==External links==
-* https://www.youtube.com/user/dianeurquhart
+* [https://www.youtube.com/user/dianeurquhart Diane Urquhart on YouTube]
-* http://ismymoneysafe.org/ SCU  Webinar (May 26, 2009)
+{{Authority control}}
 {{DEFAULTSORT:Urquhart, Diane}}
+[[Category:Year of birth missing (living people)]]
 [[Category:Living people]]
-[[Category:People from Toronto]]
 [[Category:McMaster University alumni]]
-[[Category:Canadian whistleblowers]]
+[[Category:University of Toronto alumni]]
+[[Category:Canadian financial analysts]]
+[[Category:Canadian economists]]
 [[Category:Canadian corporate directors]]
+[[Category:Canadian whistleblowers]]
 [[Category:Canadian disability rights activists]]
+[[Category:Activists from Toronto]]
 [[Category:Canadian women in business]]
-[[Category:Women whistleblowers]]
-{{Canada-business-bio-stub}}
-{{Canada-activist-stub}}