Vonage Holdings Corp., the beleaguered provider of Internet-based telephone service, said Oct. 25 it has settled a patent lawsuit brought by Verizon Communications Inc. for a maximum of $120 million. After setbacks in the litigation with Verizon, which began in June 2006, Vonage put $88 million in escrow. The settlement caps any payouts Vonage will make on top of that amount at $32 million. If Vonage wins a rehearing on either of the two patents at issue, its total payout will be $80 million.
October 26, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Vonage Holdings Corp., the beleaguered provider of Internet-based telephone service, said Oct. 25 it has settled a patent lawsuit brought by Verizon Communications Inc. for a maximum of $120 million.
The lawsuit, along with two filed by other phone companies, had cast a heavy shadow over Vonage’s future. The company’s service enables subscribers to connect their phones to their broadband connections for about $25 a month using a Vonage adapter.
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