Amalgamated Bank’s $5 billion LongView Collective Investment Funds dropped its lawsuit against AT&T Corp. over its charter amendment proposal to break up the company, in exchange for a structured dialogue with the funds and other shareholders. The AFL-CIO and its $200 million pension fund also dropped its suit, said Damon Silvers, AFL-CIO associate general counsel. The $350 million Communications Workers of America pension fund dropped its suit yesterday.
AT&T still plans to seek a shareholder vote on amending its corporate charter to facilitate a restructuring or breakup of the company. AT&T representatives couldn’t be reach for comment on the proposal.
