TMCnet News
AT&T Settles Legal Claims Related to the At Home Corp. BankruptcyBEDMINSTER, N.J., May 3 /PRNewswire/ -- AT&T said today it has reached an agreement to settle claims arising out of the bankruptcy of the At Home Corporation. In exchange for full releases and dismissal with prejudice of several lawsuits, AT&T agreed to pay $340 million to the Bondholders' Liquidating Trust, the entity pursuing claims on behalf of the At Home Estate. AT&T became the controlling shareholder of the At Home Corporation in 2000. Comcast Corporation will pay AT&T 50 percent of the settlement amount under terms of agreements AT&T reached with Comcast when Comcast purchased AT&T Broadband in 2002. In addition, AT&T and Comcast have agreed to relinquish claims to approximately $60 million that had been held in reserve by the At Home Estate to satisfy pending claims filed against the At Home Estate by AT&T and AT&T Broadband." The settlement agreement requires approval of the United States Bankruptcy Court for the Northern District of California. AT&T said the settlement agreement would not have a material impact on its results of operations. About AT&T For more than 125 years, AT&T (NYSE "T") has been known for unparalleled quality and reliability in communications. Backed by the research and development capabilities of AT&T Labs, the company is a global leader in local, long distance, Internet and transaction-based voice and data services. (Logo: http://www.newscom.com/cgi-bin/prnh/19991018/ATT ) Photo: http://www.newscom.com/cgi-bin/prnh/19991018/ATT AT&T CONTACT: Jim Byrnes of AT&T, +1-908-234-8754, office, or+1-908-313-8144, mobile, [email protected] Web site: http://www.att.com/ |