19:40:45 EDT Sat 18 May 2024
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Telus Corp (2)
Symbol T
Shares Issued 1,463,116,687
Close 2023-11-30 C$ 24.28
Market Cap C$ 35,524,473,160
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Globe says Rogers-Mobilicity lawsuit gets to court

2023-12-01 09:15 ET - In the News

See In the News (C-RCI) Rogers Communications Inc

The Globe and Mail reports in its Friday edition that original investors of Mobilicity are finally seeing momentum on their $1.3-billion lawsuit against Ottawa. The Globe's Rita Trichur writes that it has taken nearly a decade to get to trial, but the case is now being heard by an Ontario court. The plaintiffs include John Bitove's holding company Obelysk Media. In 2014, when Mobilicity was under creditor protection, the plaintiffs launched a lawsuit alleging they lost "substantially all of their investment" because the Harper government, in power at the time, broke promises it made to persuade them to capitalize a new wireless player. Chief among those commitments, the plaintiffs argued, was an assurance that struggling new entrants could sell their spectrum licences to established carriers after a five-year standstill period expired in 2014. Instead, the government reneged on that pledge, interfered in a bidding war for Mobilicity and scuttled at least three takeover offers from Telus to the detriment of the plaintiffs, alleged their lawyer, Jonathan Lisus, in court this week. Ottawa forced Mobilicity into a less lucrative deal with Rogers because it was politically advantageous for the Harper government to do so.

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