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$1B lawsuits against BCE, BCI dismissed

Last Updated: Tuesday, January 6, 2004 | 3:45 PM ET

CBC News
A pair of $1-billion lawsuits against BCE Inc. and Bell Canada International have been dismissed by the Ontario Superior Court, the telecom company said Tuesday.

Wilfred Shaw and Cameron Gillespie, both shareholders of BCI, had filed the suits over a February 2002 recapitalization and issuance of BCI shares.

A BCE subsidiary, BCI was heavily involved in the Latin American telecommunications market. BCI shares sank when the company collapsed. The firm is currently selling off its assets under court supervision with the ultimate aim of winding down the company.

BCE said Tuesday the court dismissed both lawsuits "on the grounds that the actions abused the process of the court and disclosed no reasonable cause of action against BCE or BCI, and ordered that neither plaintiff may amend his statement of claim to again bring these suits before the court."

The two plaintiffs can still appeal the latest decision.

In May 2003, a court turned down a request by Shaw to have a similar lawsuit classified as a class action suit.

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