Ex-Verizon CFO Testifies $9.9B Idearc Spinoff Was Not 'Sneaky'

Law360, Dallas (October 25, 2012, 8:30 PM EDT) -- Verizon Communications Inc.'s former chief financial officer testified Thursday in Texas federal court that she stands by the legitimacy of the company's $9.9 billion spinoff of Idearc Inc., which later filed for bankruptcy, and denied U.S. Bank NA's allegations that Verizon lied to investors and the U.S. Securities and Exchange Commission.

Doreen Toben, who retired in 2009, said Verizon did nothing “sneaky” leading up to the 2006 spinoff and believed Idearc, a print and online directory business that filed for bankruptcy less than three years after...
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