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Quadrangle sues Industry Canada for $1.2 billion in damages over Mobilicity failure

New York-based private equity firm Quadrangle has filed a claim with the Ontario Superior Court of Justice against Industry Canada for a whopping $1.2 billion. Quadrangle’s claim states it had “assurances” that basically promised it could build a sustainable wireless business that would compete with the larger players, such as Rogers, Bell and TELUS.

In a statement Quadrangle noted “As a result of these breaches Quadrangle lost its investment and forfeited other investment opportunities, hundreds of Canadian jobs were lost, Canadian consumers have been deprived of the benefit of real competition and the prospect of any meaningful foreign investment in Canadian wireless industry for the foreseeable future has been has been lost.”

Back in July, Mobilicity stated it had approximately 155,000 active subscribers and employed 41 full-time worker and part-time employees.

[source] CNW [/source]

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