October 2010 - If you purchased or otherwise acquired RSL Communications, Inc. common stock between April 30, 1999 and December 29, 2000, you could receivea payment froma class action settlement. The Court did not decide in favor of Plaintiffs or Defendants. Instead, the Lead Plaintiffs, on one hand, and Goldman Sachs and Morgan Stanley (the “Settling Defendants”), on the other, agreed to a Settlement. This permits them to avoid the cost and uncertainty of a trial, and permits eligible Class Members who submit valid claims to receive compensation. The Lead Plaintiffs and their attorneys believe the Settlement is best for all Class Members. The Settling Defendants have concluded that further defense of the Action would be protracted and expensive, and also have taken into account the uncertainty, risks, and distractions inherent in any litigation, especially in a complex case such as the Action. A settlement amount has been established in the amount of $6,750,000 in cash. The Court will hold a Settlement Hearing on January 31, 2011, at the Daniel Patrick Moynihan U.S. Courthouse, New York, NY. At this hearing the Court will consider whether the Settlement is fair, reasonable and adequate.

July 2003 - A Complaint alleges that During the Class Period (between July 1, 1999 and September 30, 2000, inclusive) the Defendant issued to the investing public false and misleading analyst reports on RSL in a bid to win or maintain lucrative banking and advisory work from the Company. During the Class Period, Lehman Brothers, Inc. ( Lehman ) maintained its highest rating a ( 1-Buy 1-Strong Buy ), on RSL stock, despite the fact that the stock fell to $4 per share in August 2000. As a result of Defendant's false and misleading statements, the market price of RSL common stock was artificially inflated, maintained or stabilized during the Class Period, to the injury of plaintiff and the other Class members who purchased the stock at the time relying on the integrity of the market price of the stock.

On or about April 28, 2003, the SEC issued a complaint charging Lehman with violating numerous rules of conduct of the National Association of Securities Dealers, Inc. ( NASD ) and the New York Stock Exchange, Inc. ( NYSE ), by issuing false and misleading analyst reports on numerous companies, including RSL. The complaint describes the influence and control exerted by Lehman's investment bankers on its supposedly independent research analysts, and details how positive ratings and research reports on RSL issued by Defendant to the public were contrary to Defendant's more negative assessments of the Company's true value and prospects.