Advertisement
YOU ARE HERE: LAT HomeCollections

Technology | MORE ON TECH

Suit Accuses Qualcomm of Fraud

May 07, 1999|Elizabeth Douglass | Bloomberg News

Attorneys representing Qualcomm Inc. employees filed a lawsuit against the San Diego wireless firm, accusing it of breach of contract and fraud. The employees stand to lose up to millions of dollars in stock options when their unit is sold to Ericsson later this month. Qualcomm Chairman Irwin Jacobs said the company will vigorously defend itself against the suit. The lead plaintiff is Thomas Sprague, a vice president for project management at the unit being sold. Under a compromise offered by Qualcomm and Ericsson, Sprague would pocket an estimated $300,000, but he would lose other stock options worth about $1 million, according to William Miltner, a partner with Perkins & Miltner, the firm representing Sprague and others. The suit was filed in San Diego County Superior Court one day before the deadline set by Qualcomm for affected employees to sign an agreement granting them a compromise payout only if they waived their right to sue the companies.

Advertisement
Los Angeles Times Articles
|
|
|