IDT Suing Touro College
IDT Corp. has accused Touro University, the nation’s largest Jewish
university, of failing to pay the Newark-based telecommunications company $38
million from the sale of a joint venture.
A suit filed by IDT in U.S. District Court in Newark claims the company is owed
20 percent of the $190 million the university’s parent received in the sale of
its Internet-based venture, TUI, in October.
The suit, claims IDT helped put an online venture together for Touro College,
the university’s parent company, at the suggestion of founder Bernard Lander.
Howard Jonas, the telecom company’s founder, agreed, in return for 20 percent of
the venture, and Lander accepted the deal, the suit says.
Yet Touro College has refused to pay IDT any proceeds from the sale, the suit
says.
The suit accuses Touro College, Touro University, TUI and Summit Partners of
breach of contract and demands that Summit pay IDT 20 percent of the amount
Summit paid for TUI.
