July 7, 2017 / 4:35 PM / 15 days ago

BRIEF-IDT says ‍plaintiff JDS1 filed putative class action & derivative complaint against co

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July 7 (Reuters) - Idt Corp:

* Says ‍plaintiff JDS1 filed putative class action & derivative complaint against co, Patrick Henry trust, Howard Jonas, each of Straight Path's directors​

* Says registrant and Straight Path entered into binding term sheet provides for settlement, mutual release of potential indemnification claims

* Says pursuant to term sheet, in exchange for mutual release, registrant will pay Straight Path $16 million

* Says pursuant to term sheet Straight Path will transfer to co or its designee Straight Path's ownership interest in IP Group

* Says pursuant to term sheet, Straight Path will transfer to registrant or its designee Straight Path's ownership interest in IP Group

* Says complaint alleges that IDT "aided and abetted" Straight Path's directors and Howard Jonas Source text: (bit.ly/2uyUXuS) Further company coverage:

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