February 24, 2004 — (WEB HOST INDUSTRY REVIEW) — AT&T (att.com) and MCI (mci.com) jointly announced on Monday that they have reached an out-of-court settlement pertaining to all the claims the two companies have had against each other, including resolution of AT&T’s call routing claims against MCI and dismissal of MCI’s contempt of court motion against AT&T. Financial and other terms were not disclosed.
The agreement has been submitted to the federal bankruptcy court for the southern district of New York for approval. MCI has yet to emerge from the largest bankruptcy filing in history in June 2002. It recently requested a 60-day extension to a February 28 deadline for meeting the conditions required to emerge from bankruptcy.
“AT&T is pleased with the resolution, which fully addresses the interests of AT&T’s shareholders,” said Jim Cicconi, executive vice president and general counsel of AT&T.
