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Verizon settles ETF class action suit for $21 million
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Verizon settles ETF class action suit for $21 million
It's a far cry from the $1 billion potential pay-out we heard about initially, but it looks like Verizon will still be forking over a hefty chunk of cash as a result of that class action lawsuit over early termination fees -- $21 million, to be exact. Verizon still isn't about to admit to any wrong doing, however, with its spokesman saying simply that the suit "was a distraction," and that "this was a quick way to resolve it." As Dow Jones points out, the resolution of suits like these could well put a renewed focus on FCC Chairman Kevin Martin's efforts to curtail carriers' ability to charge ETF fees, which he hopes will eventually be governed by some national rules.
It's a far cry from the $1 billion potential pay-out we heard about initially, but it looks like Verizon will still be forking over a hefty chunk of cash as a result of that class action lawsuit over early termination fees -- $21 million, to be exact. Verizon still isn't about to admit to any wrong doing, however, with its spokesman saying simply that the suit "was a distraction," and that "this was a quick way to resolve it." As Dow Jones points out, the resolution of suits like these could well put a renewed focus on FCC Chairman Kevin Martin's efforts to curtail carriers' ability to charge ETF fees, which he hopes will eventually be governed by some national rules.
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