Home Trading ETFsStock Market Illinois joins lawsuit to stop T-Mobile, Sprint merger By Reuters

Illinois joins lawsuit to stop T-Mobile, Sprint merger By Reuters

by Reuters
© Reuters. FILE PHOTO: A smartphones with Sprint logo are seen in front of a screen projection of T-mobile logo, in this picture illustration

WASHINGTON (Reuters) – Illinois has joined a multistate lawsuit aimed at stopping the merger of U.S. wireless carriers T-Mobile US Inc (O:) and Sprint Corp (N:), the New York attorney general’s office, which is leading the effort along with California, said on Tuesday.

Illinois joins 15 other states and the District of Columbia in seeking to stop the $26 billion merger, which the states argue will lead to higher costs for consumers.

A spokeswoman for T-Mobile said the company had no comment.

“With Illinois’ addition to our lawsuit, more than half the U.S. population is now represented by states that are suing to block the anti-competitive megamerger of T-Mobile and Sprint,” said New York Attorney General Letitia James.

Last month, a U.S. District Court in Manhattan ordered that the trial be delayed to Dec. 9, a victory for the states which had said they needed more time to investigate the deal.

“With fewer companies competing, customers would face fewer choices, higher prices, less innovation and lower quality service,” Illinois Attorney General Kwame Raoul said in a statement.

The Justice Department has signed off on the merger while the Federal Communications Commission has indicated it plans to approve it, and has begun the process of formally doing so.

To win those approvals, the third- and fourth-largest U.S. wireless companies agreed to divest Sprint’s prepaid businesses to satellite television company Dish Network Corp (O:) to create a fourth U.S. wireless carrier.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Related Articles

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy