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Shareholders Sue Sprint Execs Over $300M NY Tax Claim

Law360, New York (May 1, 2012, 4:40 PM EDT) -- A shareholder lawsuit filed Monday in New York alleges Sprint Nextel Corp.'s officers and directors breached their duties by allowing Sprint to underpay sales tax despite warnings they were breaking the law, which led to a $300 million False Claims Act suit filed by the state.

The Louisiana Municipal Police Employees' Retirement System's instant complaint alleges that Sprint CEO Dan R. Hesse and other executives wasted Sprint's money by letting the company underpay New York state and local sales tax over the past seven years. The state...
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