Intercosmos Media Group, Inc. Settles Suit Against VeriSign, Inc. Out Of Court Arrangement Puts To Rest Deceptive Marketing And Computer Fraud And Abuse Allegations

Intercosmos Media Group, Inc. settled a lawsuit against VeriSign, Inc. for the Internet giants domain name marketing practices.

NEW ORLEANS, LA, November 13, 2002 -- Intercosmos Media Group, Inc. settled a lawsuit against VeriSign, Inc. for the Internet giants domain name marketing practices.

The suit, which was dismissed by Intercosmos in the federal court in the Eastern District of Louisiana, alleged Versign engaged in unfair trade practices and violated the Computer Fraud And Abuse Act.

VeriSign, the largest of domain name registrars with an estimated 35 percent market share, sent deceptive domain expiration and renewal notices to customers of competing directNIC.com via the U.S. mail and Internet email, the suit alleged.

directNIC.com is the domain registration website of Intercosmos.

"We are happy to put this behind us," Sigmund Solares, CEO and co-owner of Intercosmos, said. "We trust VeriSign will engage in fair competition from here on."

Intercosmos asserted that because of the trickery, thousands of domain names were transferred to VeriSign, causing Intercosmos lost profits and public embarrassment, while customers of Intercosmos were fraudulently duped into leaving directNIC.com and paying higher prices to VeriSign.

For more information about Intercosmos Media Group, Inc. visit http://www.intercosmos.com or call Sigmund Solares at (504) 679-5170, ext. 106.