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Sprint Settles Lawsuit Over Nextel Merger for $131 Million

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Mar 31, 2015, 9:46 AM   by Eric M. Zeman   @phonescooper

Sprint today settled a class-action lawsuit regarding its 2005 acquisition of Nextel for $131 million. Investors claim Sprint executives defrauded shareholders by inflating stock and bond prices after Sprint closed its acquisition of Nextel. The merger was troubled from the start, as Sprint struggled to integrate the two companies and lost hundreds of thousands of Nextel subscribers. At the same time, executives claimed the company was receiving billions of dollars in benefits and improving its subscriber base. Sprint was eventually forced to write down $29.7 billion in lost value. The company did not admit to any wrongdoing, but agreed to pay out $131 million. The settlement still needs to be approved by the court.

more info at Reuters »

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thebriang

Mar 31, 2015, 11:31 AM

Seems like a pretty small settlement...

when you consider the size of the "writedown" and all the lies they told everybody at the merger. Yet another classic sprint uckup, nextel had a good installed user base, with widen rollout around the corner, and a ton of people who wanted to stick with Nextel.
They sure didnt want Sprint though, and especially not after Sprint screwed up everything they previously had and then wanted them to rerun credit for Sprint CDMA lines (that sucked).
What a waste, Nextel was bomb. Only if you knew other people with nextel of course, but nothing beats pushing the button and saying "what do you want?" No latency, unlike the recent crap PTT they all push, and great inbuilding coverage, crap data but the real problem was most people had old phones....
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Amen to all that.

In the nine years since Sprint took over Nextel, I have yet to have a single satisfying customer experience with Sprint, at any level. Contrast that with all of my customer experiences with Nextel, which (a) always had a genuine, ...
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