September 12, 2011 / 1:43 PM / 7 years ago

Craig Wireless says court upholds contractual right

(Reuters) - Canada’s Craig Wireless System said a U.S. district court upheld the company’s contractual right in a case against Clearwire Legacy LLC over a failure to honor a contract to provide equipment.

Citing the judgment, Craig said its retraction of certain shares that Clearwire held in the company’s unit was in accordance to contractual rights.

The verdict by the district court in Washington also takes away Clearwire’s rights to receive any proceeds from the 2010 sale of Craig’s Canadian spectrum assets, the telecommunications services provider said in a statement.

Reporting by Aftab Ahmed in Bangalore; Editing by Joyjeet Das

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