America Movil SAB, Latin America’s largest wireless carrier, won a ruling by New York’s highest court rejecting a claim of $900 million in damages in a dispute with former shareholders of its Ecuador unit.
Centro Empresarial Cempresa SA and Conecel Holding Ltd. can’t claim they were fraudulently induced to sell their stake in the Ecuador unit because a 2003 agreement released America Movil from such a claim, the New York Court of Appeals in Albany ruled yesterday. The unanimous decision upholds a ruling from an intermediate appeals court.
The decision ends the legal proceedings initiated by the plaintiffs, Mexico City-based America Movil said yesterday in a statement.
To contact the reporter on this story: Crayton Harrison in Mexico City at email@example.com
To contact the editor responsible for this story: Peter Elstrom at firstname.lastname@example.org