UScellular $7.75M Securities Class Action Settlement

Stockholders who purchased or otherwise acquired Telephone and Data Systems Inc. securities, including common or preferred stock, between May 6, 2022, and Nov. 3, 2022, may qualify to claim a cash payment from a class action settlement.

Telephone and Data Systems Inc. (TDS), United States Cellular Corp. (UScellular) and individual defendants agreed to pay $7.75 million to settle a class action lawsuit. The lawsuit alleged the defendants violated federal securities laws by making false or misleading statements and failing to disclose material facts about UScellular’s expenses, in-store traffic and promotional benefits.

Who is eligible for a UScellular payout?

Class members must have purchased or otherwise acquired TDS securities, including common or preferred stock, between May 6, 2022, and Nov. 3, 2022.

How much is the securities payout?

Pro Rata Payment: The amount each class member receives depends on several factors, including:

• The number of valid claims submitted
• The number of shares purchased
• When those shares were bought and sold

How to claim an award

To receive a payment, class members can file a claim online or download, print, complete and mail the PDF claim form to mail to the settlement administrator. The claim deadline is Aug. 27, 2025.

Settlement administrator's mailing address: TDS Securities Litigation, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson St., Suite 205, Media, PA 19063

Proof and documentation required

Claimants must provide:

• Account numbers
• Social Security number or Taxpayer Identification Number
• Proof of purchase/acquisition and sale/disposition dates and prices
• Number of shares for each transaction
• Documentation to support their claim. Acceptable documentation includes:
• Broker confirmation slips
• Account statements
• Other records showing their TDS securities transactions during the class period

Payout options

Payments will be made by paper check mailed to the address provided on your claim form.

$7.75 million UScellular settlement fund breakdown

The $7,750,000 settlement fund covers:

• Settlement administration costs: Up to $200,000
• Attorneys' fees: Up to $2,583,333.33
• Attorneys' expenses: Up to $350,000
• Service awards to class representatives: Up to $20,000
• Payments to class members: Remainder of the fund

Important dates

• Exclusion Deadline: Aug. 13, 2025
• Claim Deadline: Aug. 27, 2025
• Fairness Hearing: Sept. 3, 2025

When is the TDS securities payout date?

Payments to eligible claimants will be made after the court grants final approval of the settlement and any appeals are resolved.

Why did this class action settlement happen?

The class action lawsuit alleged TDS, UScellular and certain officers and directors violated federal securities laws by making materially false and misleading statements and failing to disclose material facts about UScellular's expense discipline, in-store traffic and promotional benefits. The defendants denied any wrongdoing but agreed to settle to avoid the costs, risks and delays of continued litigation.

Sources

1. Settlement Notice
2. Stipulation of Settlement