A Washington state Supreme Court ruled that the former AT&T Wireless' forced buyouts of several regional mobile phone carriers did not violate state law. The court determined that AT&T did not "breach the legal duty of loyalty by self-dealing" since the sales did not specifically authorize sales to a related company. The court ruled that AT&T Wireless was forthcoming with information, paid a commensurate price and acted in good faith when making the sales. Cingular Wireless acquired AT&T Wireless in 2004 for $41 billion. Cingular Wireless was then acquired by the new AT&T in 2006.
For more on AT&T Wireless' buyouts:
- read this article from The Seattle Post-Intelligencer