Sprint Loses Early Termination Case, Owes $73 Million
This is gonna cut into the $670 million the company stands to make from the sale of its cell towers… a California court has ruled that Sprint's early termination fees are unlawful, and has ordered it to refund $73 million to its former customers.
"The ruling requires Sprint to pay $18.2 million in cash to those customers that actually paid off Sprint on their early termination fees – the remaining $54.7 million will be credited to customers who were charged the ETF but did not yet pay," writes Will at IntoMobile.
"Sprint will have about two weeks to come up with a response before a final decision is made in Alameda County, California Superior Court," writes InformationWeek's Marin Perez.
"The Federal Communications Commission is considering regulating early termination fees on a nationwide basis," notes Wired's David Kravets. "The FCC is also weighing whether to block class-action lawsuits like the Sprint case. No timetable for a decision has been set."
More here from Wireless and Mobile News … more here from Dow Jones … more here from the AP … and more here from Bloomberg.