PLDT Inc. has proposed a $3-million settlement to end a class action lawsuit filed in the United States over a P48-billion cost overrun.

"PLDT entered into a stipulation of settlement to resolve the US class action," the telco said in a disclosure on Thursday.

"Under the proposed settlement, which is subject to approval by the court ... the settlement class will receive payment of a settlement amount of $3,000,000," it added.

"The proposed settlement agreement contains no admission of liability, fault or wrongdoing by any defendant. If approved by the Court, the settlement will resolve the US class action in its entirety as against all defendants."

Shareholder Sophia Olsson sued the telco last year in a US court, claiming that she and other "class members" had suffered "significant losses and damages" in the wake of PLDT's having admitted to overspending P48 billion from 2019 to 2022.

PLDT Chairman Manuel Pangilinan, then-president Alfredo Panlilio and other senior company officials were named in the lawsuit. Five executives, including Chief Financial Officer Annabelle Chua, resigned in the wake of the budget mess.

PLDT shares have since rebounded after plunging in the days after the overrun was reported, but have yet to return to record highs. They closed at P1,298 on Wednesday, up by P10 or 0.78 percent.

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