Revealed by Wall Street Journal exposé: Verizon’s toxic lead-cable contamination triggers major environmental-securities fraud action
Plaintiff(s):
Large Dutch pension funds as lead plaintiffs
Case type / claims:
Securities fraud action stemming from undisclosed environmental liabilities, worker-safety failures, and toxic lead-cable contamination
Defendant(s):
Verizon Communications Inc.
Jurisdiction:
U.S. District Court for the District of New Jersey
Year:
Active
Outcome (to date):
- A Wall Street Journal investigative series uncovered that Verizon owned tens of thousands of lead-encased cables leaching toxic lead into U.S. soil, waterways, and air, sparking nationwide concern and government scrutiny.
- Reporting revealed Verizon’s cable-line workers were frequently exposed to lead without adequate training, equipment, or hazard protections.
- Following the news, Verizon’s stock price fell sharply as analysts estimated more than $5 billion in potential cleanup and personal-injury liabilities.
