Mexican mobile phone operator Iusacell SA de CV sued IBM Corp on Wednesday, accusing the U.S. technology giant of making fraudulent representations that caused it to lose $2.5 billion in profits.
The lawsuit, filed in federal district court in New York, was heavily redacted, leaving many of the claims unclear. But the complaint centered on a contract that Iusacell said IBM induced it to enter into in Mexico.
"Events subsequent to the execution of the agreement have revealed that IBM both knowingly misrepresented and wrongfully concealed from Iusacell material facts both before and during the parties' relationship," Iusacell said in the complaint.
Iusacell is co-owned by television and retail mogul Ricardo Salinas' Grupo Salinas and broadcast and pay TV giant Grupo Televisa.