Market Overview

Cellcom Israel Provides Update on Purported Pending Class Action Against the Company

Cellcom Israel (NYSE: CEL) provided an update with respect to a purported class action pending against the Company in respect to the network malfunction that occurred on December 1, 2010. An amendment has been filed with the court under the previously reported procedural agreement among the plaintiffs of several purported class actions filed against the Company in relation to the malfunction. The plaintiffs include causes of actions and remedies allegedly sought in purported class actions dismissed under the procedural agreement and update the claimed amount of approximately NIS 61 million to NIS 350 per customer in a private calling plan and NIS 700 per customer in a business calling plan and add approximately NIS 1.182 billion for non monetary damages as well as the relative portion of the monthly payment relating to the hours of the malfunction.

The Company believes that part of the amendment is not in line with the procedural agreement and will address the amendment when responding to the claim.  

For additional details regarding the purported class actions filed in relation to the malfunction see the Company's interim financial statements for Q3/2011 under "Note 8 - Contingent Liabilities"  -

See full press release

Posted-In: News Guidance Management M&A Global

 

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