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Financial system13 hours ago (Mar 04, 2022 05: 56PM ET)


© Reuters. An Ericsson price is viewed at the third China Global Import Expo (CIIE) in Shanghai, China November 5, 2020. REUTERS/Aly Song

By Johan Ahlander and Nate Raymond

STOCKHOLM (Reuters) -Swedish telecoms firm Ericsson (BS:), its chief government and chief monetary officer were named as defendants in a U.S. class action lawsuit for misleading consumers relating to the firm’s dealings in Iraq, a filing to a Unusual York court docket mentioned on Friday.

Ericsson is at the centre of a scandal over doable funds to the Islamic Inform in Iraq. On Wednesday the U.S. Division of Justice mentioned it was in breach of a 2019 deferred prosecution settlement (DPA) for failing to totally expose primary functions of its operations in Iraq.

The filing, by law firm Pomerantz to the District Court docket of Eastern District of Unusual York, mentioned that Ericsson among other things had misled consumers by overstating the extent to which it had eradicated using bribes.

An Ericsson spokesperson may perchance perchance additionally no longer straight be reached for state nonetheless Ericsson mentioned in a transient statement that the firm and “obvious (firm) officers” had been named as defendants in reference to “allegedly spurious and misleading statements” touching on Iraq.

Below the prerequisites of the 2019 DPA, Ericsson paid more than $1 billion to get to the underside of a series of corruption probes, attractive bribery in China, Vietnam and Djibouti, and agreed to cooperate with the department for ongoing investigations.

Ericsson has misplaced practically a third of its market value since media reports of the alleged bribes broke in February.

Ericsson mentioned that an internal probe, which resulted in 2019 nonetheless was solely made public in February after media inquiries, had identified funds designed to circumvent Iraqi customs at a time when militant organisations, in conjunction with Islamic Inform, managed some routes.

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