Ten state attorneys general, led by New York and California, filed the challenge Tuesday in a New York federal court. They say a potential $26 billion merger of the pair — currently the third and fourth largest U.S. wireless carriers — would likely lead to consumers paying more. Ajit Pai, chair of the Federal Communications Commission, previously blessed the merger, but the Department of Justice is still reviewing the proposal.
How did the market react? Shares in T-Mobile dipped 1.6 percent yesterday while Sprint fell 6 percent.
Check out OZY’s original series, Too Big Not to Fail.