Tag: etf

Sprint gets nailed for $73 million in illegal ETFs

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The latest in Sprint’s downward spiral to oblivion is the conclusion of a class-action lawsuit which ruled that contract early termination fees did not count as rates, and therefor fell under federal, rather than California state law. Using such ETFs as a means to discourage jumping ship is illegal under federal law, and so $18.23 million was rewarded to those who were forced to pay up. On top of that, they’ve got $54.75 million in unpaid ETFs that will be recredited. Ow. Tough break there, Sprint. Some appeals are likely to happen, but things aren’t looking so hot right now.

(via Kansas City Business Journal)