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IDT Faces Trial Over $3.1 Billion Straight Path Sale to Verizon

Feb. 18, 2022, 8:22 PM

IDT Corp. and chairman Howard Jonas must face a trial of allegations by former Straight Path Communications Inc. investors accusing them of scheming to include a legal claim allegedly worth $1.2 billion in Straight Path’s $3.1 billion sale to Verizon Communications Inc., a Delaware judge ruled.

Vice Chancellor Sam Glasscock III denied summary judgment Thursday to IDT, Jonas, and his son Davidi, saying their liability turns on the meaning of a previous agreement—defining the indemnification claim at issue—that can reasonably be read more than one way.

The “language at issue is ambiguous, indeed obscure,” Glasscock wrote for Delaware’s Chancery ...