Cellcom Israel (CEL) Class Action Dismissed; Will Make Donations to Certain Non-Profits
Tweet Send to a Friend
Up)
Cellcom Israel Ltd. (NYSE: CEL) reports that a purported class action filed against the Company and two other cellular operators, in December 2007, was dismissed without prejudice, at the request of the parties.
The purported class action lawsuit filed by plaintiffs alleging that the defendants have created environmental hazards by unlawfully building cell sites and therefore demanded that the defendants will compensate the public for certain damages, dismantle existing unlawfully built cell sites and refrain from unlawfully building new cell sites. Had the lawsuit been certified as a class action, the compensation claimed from the defendants was estimated by the plaintiffs to be NIS 1 billion.
Under the parties' agreement, which was approved by the court, the defendants will make a donation to certain non-profit organizations in an amount which is not material to the Company.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
The purported class action lawsuit filed by plaintiffs alleging that the defendants have created environmental hazards by unlawfully building cell sites and therefore demanded that the defendants will compensate the public for certain damages, dismantle existing unlawfully built cell sites and refrain from unlawfully building new cell sites. Had the lawsuit been certified as a class action, the compensation claimed from the defendants was estimated by the plaintiffs to be NIS 1 billion.
Under the parties' agreement, which was approved by the court, the defendants will make a donation to certain non-profit organizations in an amount which is not material to the Company.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Actavis (ACT), Kissei Pharma Sue Sandoz, Hetero Over Rapaflo Patent
- Netflix (NFLX) Plans Netherlands Launch for Late FY13
- Tesla (TSLA) Announces Partial Model S Recall
Create E-mail Alert Related Categories
Corporate News, Litigation
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
