TRENTON, N.J. (Legal Newsline) - The law firms Grant & Eisenhofer and Kessler Topaz have been picked to lead shareholder litigation against Verizon over cables that contain lead.
New Jersey federal magistrate judge Rukhsanah L. Singh issued the order appointing those firms lead counsel on Oct. 20. Singh also picked the lead plaintiff after receiving six motions, four of which were withdrawn.
Singh chose Dutch funds Stichting Pensioenfonds Metaal en Techniek, Stichting Pensioenfonds van de Metalektro and Stichting Mn Services Aandelenfonds Noord-Amerika.
Lawsuits allege Verizon failed to disclose that the company was responsible for "an extensive network of lead cables" that were previously laid around the country. They claim the cables are causing harm and posing risks to the environment, its employees and the surrounding communities.
The plaintiffs allege Verizon misrepresented its efforts to upgrade the network and protect its employees, safeguard the communities where it operated and correct any environmental harms.
They specifically claim the defendant's 2018 Annual Report contained false statements and that the "legacy copper" cables abandoned by the company were covered in lead, a known neurotoxin.
They also claim in the 2020 Annual Report, the defendant made false claims about worker safety when it did not adequately warn or care for employees who were exposed to the dangerous levels of toxic cables.