The case stems from the P48-billion budget overrun scandal that was discovered in late 2022, which led to a significant drop of the company’s share price.
The lawsuit, which began in 2023, accused PLDT and some of its current and former executives of making false statements about capital expenditures and internal controls from 2019 to 2022.
The settlement, reached on Feb. 16, 2024, received final approval from the U.S. District Court for Central District of California.
“The settlement contains no admission of liability, fault, or wrongdoing by any defendant,” PLDT said in a stock exchange filing on Thursday.
“The judgment and order of the court entered on Sept. 17, 2024, provides that the court will retain jurisdiction over (among other matters) implementation of the settlement and the distribution and disposition of the settlement fund,” it added.
What went on before?
Early last year, PLDT completed an internal forensic review on the massive budget overspend and found no fraud, concealment, or misconduct by any employees.
The company has since implemented a senior management revamp and other operational improvements to its spending management processes. It also reached settlement agreements with vendors representing the majority of its outstanding spending commitments.
