BT Group faces U.S. lawsuits as Italian accounting scandal deepens

BT Group Plc was hit on Wednesday with at least two shareholder lawsuits in the United States, after one-fifth of the telecommunications company's market value was wiped out in a single day amid a growing accounting scandal in Italy. The lawsuits accusing the British company and three top executives of securities fraud were filed in the U.S. District Courts in Manhattan and in nearby Newark, New Jersey, on behalf of BT investors over the last few years. Both lawsuits were brought by individuals seeking class-action status, and also name Chief Executive Gavin Patterson, his predecessor Ian Livingston, and Finance Director Tony Chanmugam as defendants.

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