The action has been filed in the West Virginia courts for damages on losses suffered by investors in C&W. The action is being spearheaded by Milberg Weiss Bershad Hynes & Lerach and the UK group, Class Law.
Allegations include claims that C&W had "billions of dollars worth of property lease commitments that had not been disclosed" and that the company failed to disclose a potential tax liability of £1.5 billion ($2.3 billion) following the sale of the sale of its mobile phone arm.
Although the identity of the US institutions has not been revealed, this is one of the first times UK institutional shareholders have got involved in a class action in the States.
A C&W statement said: "We fully understand our obligations to shareholders and will contest any action vigorously."
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
