PLDT out to nip US legal battle in the bud

MANILA, Philippines --- PLDT Inc. aims to nip a potential class action suit in the bud by reaching out to US-based law firms that had expressed intent to probe if the telco giant violated federal securities law in relation to its P48-billion budget overrun. Manuel V. Pangilinan, chair of the telco giant, said during their recent special briefing they were aware of the possible legal battle the company was facing after it disclosed its overspending on capital outlays in the past four years. "We have received reports that there's a law firm ... threatening to launch a class action suit against the company because of our US listings," Pangilinan said. "But we are now in convers...

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