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Incomnet to Pay $800,000 to Settle Shareholder Suits

March 04, 1997

Incomnet Inc. has settled two lawsuits for $800,000 that involved 32 current or former shareholders.

Among the plaintiffs who filed suit against the Woodland Hills-based company was former chief executive Sam Schwartz.

Incomnet said it will pay $400,000 in cash and a note for $400,000 plus interest that is due in one year.

Melvyn Reznick, Incomnet's chief executive, said the telecommunications concern settled the suits to avoid the costs of litigation and to allow management to focus on the company's operations.

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