Cellcom Israel Announces Partial Dismissal Of Purported Class Actions
Cellcom Israel Ltd. (NYSE: CEL) (TASE: CEL) (hereinafter: the "Company"), provided an update today on positive developments in two purported class actions. The lawsuits were filed against the Company in May 2010 and June 2011 (and heard together) and included allegations relating to non-ionizing radiation and network quality. The Court dismissed the motions to certify the class actions with prejudice except in respect of certain claims that it determined it would hear on the basis of settlements of similar class action claims made against other cellular operators (Pelephone Communications Ltd. and Partner Communications Ltd.) and approved by the court, which the Company was willing to adopt as well. The class settlement agreements include the cellular operators undertaking to provide certain information regarding non-ionizing radiation, sell certain accessories at a discount and conduct certain tests to handsets at certain circumstances.
In light of the decision and settlement agreements by other operators, the Company estimates that this litigation will not have a material effect on the Company.
For additional details regarding these purported class actions see our most recent annual report for the year ended December 31, 2013 on Form 20-F dated March 6, 2014 under "note 30 - Contingent Liabilities - 2. Environmental claims" to the financial statements.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.