26 October 2007
Vonage Holdings Corp. (NYSE: VG) said today that it has settled
its patent lawsuit with Verizon Communications. Vonage, an Internet
phone service provider based in Holmdel, said it will pay Verizon a
maximum of $120 million to resolve the suit.
Vonage is on the
hook for at least $80 million. The final amount paid by the company
depends on how an appeals court rules on Vonage’s request for a
rehearing that concerns two Verizon patents. Vonage has already put
aside $88 million in escrow for the patent battle.
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