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IDT Corporation (NYSE: IDT; IDT.C) said today that it plans to seek
leave to appeal from a decision by the New York State Supreme Court
Appellate Division reversing a trial court‘s
order granting the Company‘s motion for
partial summary judgment on the issue of liability in proceedings
against Tyco Group, S.A.R.L., Tycom (US) Inc., Tyco International, Ltd.,
Tyco International (US) Inc. and Tycom Ltd. In its August 19, 2008
decision, the Appellate Court overturned the trial court‘s
prior grant of partial summary judgment in IDT‘s
favor on liability and granted summary judgment to Tyco dismissing IDT‘s
claims.
On May 5, 2004, IDT filed a complaint in New York State Supreme Court
seeking injunctive relief and damages against Tyco and several of its
related entities. IDT alleged that the defendants breached a settlement
agreement that they had entered into with IDT to resolve certain
disputes and civil actions among the parties. Tyco subsequently
counterclaimed alleging, among other things, that IDT breached the
settlement agreement and is liable for damages.
On July 11, 2007, the trial court granted IDT‘s
motion for partial summary judgment on the issue of liability, denied
the defendants‘ motions for summary judgment
and dismissed their counterclaims. Tyco appealed from that part of the
trial court‘s decision which granted IDT‘s
summary judgment motion and denied Tyco‘s
motion.
On August 19, 2008, the Appellate Division held that IDT‘s
motion for partial summary judgment on liability should have been denied
and that aspect of the defendants‘
cross-motion for summary judgment dismissing the complaint should have
been granted. IDT intends to seek leave to appeal from the Appellate
Division‘s decision.
About IDT Corporation:
IDT
Corporation is an innovative and opportunity seeking multinational
holding company with operations that span several industries. Through
its Telecom subsidiary, IDT provides telecommunications services
worldwide to the retail and wholesale markets. IDT Energy operates an
Energy Services Company (ESCO) in New York State. IDT subsidiary
American Shale Oil Corporation (AMSO) manages IDT’s oil shale ventures.
IDT’s Capital division incubates newer businesses, and the Company’s
Spectrum subsidiary holds its spectrum license assets. IDT Telecom
provides retail and wholesale telecommunications services and products,
including pre-paid and rechargeable calling cards, consumer local, long
distance, and wireless phone services, and wholesale carrier services.
Under the Net2Phone brand name, the Company also provides a range of
voice over Internet protocol (VoIP) communications services. IDT
Capital’s operations include receivables portfolio management and
collection, brochure distribution, Internet Mobile Group and other
initiatives. IDT Corporation’s Class B Common Stock and Common Stock
trade on the New York Stock Exchange under the ticker symbols IDT and
IDT.C, respectively.
In this press release, all statements that are not purely about
historical facts, including, but not limited to those with the words “believe,““anticipate,““expect,““plan,““intend,““estimate,““target“
and similar expressions, are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.All
forward-looking statements and risk factors included in this document
are made as of the date hereof, based on information available to IDT as
of the date thereof, and IDT assumes no obligation to update any
forward-looking statements or risk factors.
IDT Corporation
Bill Ulrey, 973-438-3838
