Supreme Court Frees Verizon, JPMorgan From Spinoff Suit

Law360, New York (April 30, 2012, 6:03 PM EDT) -- The U.S. Supreme Court on Monday put the kibosh on allegations by a class of Idearc Inc. shareholders that Verizon Communications Inc. had doomed Idearc to bankruptcy when it spun the company off and saddled it with debt from JPMorgan Chase Bank NA.

The high court denied the shareholders' petition for writ of certiorari in a brief order Monday. Attorneys involved in the case didn't immediately respond to requests for comment late Monday.

The shareholders had alleged that Idearc's bankruptcy was preordained from the moment Verizon...
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