IDT Reaches Settlement in Calling-Card Class-Action Lawsuit

//January 25, 2007//

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IDT today said it reached a settlement with plaintiffs in a calling-card class-action lawsuit. Shares of the Newark-based telecommunications company were trading at $12.91 early this afternoon, down $0.19 fromIDT (NYSE: IDT) today said it reached a settlement with plaintiffs in a calling-card class-action lawsuit. Shares of the Newark-based telecommunications company were trading at $12.91 early this afternoon, down $0.19 from yesterdayÂs closing price of $13.10.

The settlement, in which IDT denies any wrong-doing, provides refund PINs worth up to $20 million to certain customers who bought IDT calling-cards in the United States between Jan.1, 1997 and Jan. 22, 2007.

IDT also agreed to modify the disclosures printed on its calling-cards and to propose a uniform calling-card regulation to the New Jersey Attorney General”s Office. In addition, the company will donate $2 million to charity.

The settlement absolves pending calling-card litigations for IDT, IDT Telecom and Union Telecard Alliance. This is the second such lawsuit that IDT has agreed to settle in less than a year.

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