Ericsson, CEO sued in US court over conduct in Iraq

STOCKHOLM :Swedish telecoms company Ericsson, its chief executive and chief financial officer have been named as defendants in a U.S. class action lawsuit for misleading investors about the company's dealings in Iraq, a filing to a New York court said on Friday.

The filing, by law firm Pomerantz to the District Court of Eastern District of New York, said that Ericsson among other things had misled investors by overstating the extent to which it had eliminated the use of bribes. Under the conditions of the 2019 DPA, Ericsson paid more than $1 billion to resolve a series of corruption probes, involving bribery in China, Vietnam and Djibouti, and agreed to cooperate with the department for ongoing investigations.

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