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AT&T Ordered to Cut Interstate Phone Rates
Federal Communications Commission orders AT&T to reduce interstate phone rates by 120 million dollars. The FCC sets a 7 to 7.5 percent return on interstate investment and deadlines while delaying impact on individual bills. The move marks the first tangible result of a 20 month FCC probe. AT&T cautions investors over reduced earnings and awaits possible FCC reconsideration.
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