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Sprint Agrees To Settle With Shareholders

by Glen Shapiro, LawAndTax-News.com, New York

18 December 2003


It emerged this week that two federal judges have approved a $50 million settlement between Sprint Corp. and its shareholders.

Several lawsuits were filed against Sprint over its aborted merger with ailing telecoms firm WorldCom (now MCI), which filed for bankruptcy in the summer of 2002.

The merger, which was announced in 1999, was scrapped in 2000, following opposition from US and European regulators on antitrust grounds.

However, the plaintiffs in the cases against Sprint argued that company officials knew that there were likely to be regulatory objections to the move, and that they recommended shareholder approval of the plan in order to boost the company's share price and trigger the early vesting of $1.7 billion worth of insider stock options.

The settlement agreement was described by one of the judges ruling on the two Kansas City-based lawsuits in question as "fair, reasonable and adequate".


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