America Movil defeats Ecuador damages claim

9 Jun 2011

Mexican-owned cellular heavyweight America Movil has won a ruling from New York’s highest appeals court rejecting a USD900 million damages claim in a long-running dispute with former shareholders of its Ecuador unit, Conecel, reports Bloomberg. The New York Court of Appeals in Albany upheld a previous intermediate appeals court ruling which disagreed with a claim by Centro Empresarial Cempresa and Conecel Holding that they were fraudulently induced to sell their stake in the Ecuadorian cellco. The courts decided that America Movil was vindicated by the terms of a 2003 agreement.

Ecuador, America Movil (AM), Claro Ecuador (Conecel)