TDS Settled With Investors Over Failed “Any Phone Free” Promo – How to Get Your Payout

Court: N.D. Illinois

Case: 1:23-cv-02764

Telephone & Data Systems TDS has agreed to settle a lawsuit from investors who say the company misled them about the financial impact and effectiveness of its 2022 “Any Phone Free” promotion. The settlement, announced in April 2025, comes after a 25% stock drop, failed subscriber growth, and a promotional strategy that didn’t deliver.

What Really Happened With the “Any Phone Free” Campaign

In August 2022, TDS rolled out its “Any Phone Free” offer across the U.S., marketing it as a bold solution to stem customer churn and boost subscriber numbers. Company leaders claimed internal trials showed the promotion would bring fast results and spark growth in the back half of the year.

However, internal projections suggested it could take six to nine months to see any meaningful impact—and that churn was still on the rise. By November 3, 2022, the company revised its earnings guidance downward and admitted the promotion had backfired, resulting in higher-than-expected losses. After this came out, TDS plummeted 25%.

Investors Push Back—and Get Results

A few months later, a group of investors filed a lawsuit accusing TDS of overstating the campaign’s potential and ignoring internal data that showed the risks. They argued that the company’s public claims misled shareholders about the financial and operational outlook, ultimately inflating the stock’s value before the reality came crashing down.

The Deal That Finally Closed the Chapter

Now, after nearly two years of litigation, Telephone & Data Systems has agreed to a $7.75M settlement with investors. While the company has not admitted wrongdoing, the deal provides relief for shareholders who suffered losses after the campaign’s failure was revealed. The claiming deadline is in a month. You can check more details and file a claim here.