Groupe Videotron Contests International CableTel Lawsuit.MONTREAL--(BUSINESS WIRE)--Dec. 23, 1996--VIDEOTRON LTEE LTEE Limitee (French: Limited Company) (ME/TSE:VDO VDO Vereinigte DEUTA-Ota (Villingen, Germany; gauge manufacturer founded 1929) VDO Varus Derotation Osteotomy VDO Very Distant Object(s) VDO Voltage Drop-Out VDO Video Data Organization ) Le Groupe Videotron Ltee announced today that International CableTel Incorporated, a U.S. Company, has filed a lawsuit against Groupe Videotron and a subsidiary, Cable Road Investments Limited, in Federal District Court in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , New York. The complaint alleges that Cable Road Investments Limited violated obligations to negotiate exclusively with International CableTel regarding the proposed sale of its 56 percent interest in its UK subsidiary, Videotron Holdings Plc., and seeks damages of at least $84 million for fraud in the inducement fraud in the inducement n. the use of deceit or trick to cause someone to act to his/her disadvantage, such as signing an agreement or deeding away real property. , breach of contract and unjust enrichment A general equitable principle that no person should be allowed to profit at another's expense without making restitution for the reasonable value of any property, services, or other benefits that have been unfairly received and retained. . Groupe Videotron reported that International CableTel had previously agreed to accept a U.S. $10 million fee for termination of the exclusive arrangement and in satisfaction of all claims relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the negotiations. Groupe Videotron said that the subsidiary had already tried on two occasions to pay the fee to International CableTel but that International CableTel had refused to accept the payment. Groupe Videotron will vigorously contest the lawsuit and believes that payment of the fee is a complete defence to International CableTel's claims and that the amount of the fee represents the maximum amount of any possible recovery by International CableTel. Le Groupe Videotron ltee is an international telecommunications company. The Company has several subsidiaries in Canada, in cable television, telecommunications, television broadcasting and in multimedia services development. It develops and operates private cable television and telephony in the United States. Its technological know-how and experience acquired with the Videoway multimedia system enables it to play a leading role in the development of the information CONTACT: Le Groupe Videotron Ltee Sylvia Morin, 514/985-8573 514/985-8425 (fax) |
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