FETA v. Millicom Incorporated & Vodafone PLC

William J. Dyer

Case Conclusion Date:December 30, 1992

Practice Area:Securities / Investment Fraud

Outcome:Complete defense verdict after six-week jury trial

Description:Lead trial counsel defending Millicom Incorporated, an international telecommunications company, against a $38 million claim for securities fraud and breach of contract arising out of a 1986 transaction in which Millicom sold its interest in a British cellular telephone licensee for $135 million. In December 1992, I obtained a defense verdict and a take-nothing judgment for Millicom after a five-week jury trial in state district court in Houston, during which over a dozen accountants and lawyers testified on accounting and corporate finance issues. The investor plaintiffs were represented by Houston's Vinson & Elkins. Earlier in the same case, I obtained a dismissal for want of personal jurisdiction for Millicom’s British co-defendant, Racal Electronics plc (n/k/a Vodafone Group plc).