Subsequent Events

3 Months Ended

Apr. 30, 2011

Subsequent Events

Subsequent Events

21. SUBSEQUENT EVENTS

Cash Payment Under Shareholder Class Action Settlement Agreement

In December 2009, CTI entered into an agreement, which was amended in June 2010, to settle the consolidated shareholder class action. In May 2011, CTI paid $30.0 million in cash due under the settlement agreement using cash proceeds from sales and redemptions of ARS (including interest thereon) included within "Restricted cash and bank time deposits" in the Company's condensed consolidated balance sheets as of April 30, 2011 and January 31, 2011.

Increase in Comverse Ltd.'s Existing Line of Credit

In June 2011, one of Comverse Ltd.'s existing lines of credit was increased by $10.0 million with a corresponding increase in the cash balances Comverse Ltd. was required to maintain with the bank. Such additional compensating cash balances will be included in "Restricted cash and bank time deposits" in the Company's condensed consolidated balance sheets to the extent they remain outstanding on the applicable balance sheet date.