Unions sue to stop AT&T revamp - Broadcasting & Cable

Unions sue to stop AT&T revamp

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Unions and a pension fund sued AT&T to stop a plan to make it easier to restructure the company.

AT&T management wants to revise the company's charter so that only a majority of shareholder votes are needed to authorize a major restructuring. Currently, the company needs two-thirds of the votes.

Pension funds of Union Communications Workers of America, which is heavily campaigning against splitting the AT&T's cable and wireless units from the phone operations, Amalgamated Bank contend that provision of the charter can only be changed by a two-thirds majority of voting shareholders. The suit was filed in New York Supreme Court.

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