Liberty Global PLC class A
LBTYA
Communication Services
1
exclusion reason
1 theme
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Liberty Global has been found by European Union antitrust regulators to have engaged in input foreclosure practices that restricted access and call origination on mobile networks, harming competition in Belgium's telecommunications market. The European Commission's 2016 decision in Case M.7637 documented this anticompetitive conduct, which constitutes a significant regulatory violation.
Separately, the company has faced sustained legal challenges over its tax compliance posture. In September 2025, the U.S. Tenth Circuit Court of Appeals affirmed the denial of Liberty Global's $240 million foreign tax credit claim, upholding the Tax Court's finding that the claimed credits did not meet the requirements of U.S. tax law. This follows other tax-related litigation, including a 2023 case in U.S. District Court (Case No. 1:22-cv-02622) where the company's corporate structure and tax residency were central issues.
This pattern of adverse findings from both antitrust and tax authorities across multiple jurisdictions indicates systemic compliance failures.
Research Sources
9 organizations
Related Exclusions
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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