BCE to Fight Shareholder Lawsuit Over Suspension of Dividends

5:45 am on October 28, 2008 | Category: Business, Corporate, Law

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Canadian telecom giant, Bell Canada Enterprises Inc., says that it will vigorously defend against a lawsuit filed in Saskatchewan last Friday, over the suspension of dividend payments.

The $588 million lawsuit alleges that BCE failed to gain proper shareholder support when it suspended its dividend earlier this year.

BCE has claimed that the move was necessary in order to ensure the success of its $52 billion buyout by private equity interests, which was approved by 97% of shareholders last year.

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    Edited by Jeremy Maddock