Verizon Must Pay $2.85B Idearc Debt, US Bank Says

Law360, New York (March 29, 2013, 4:07 PM EDT) -- U.S. Bank NA on Friday demanded that Verizon Communications Inc. fork over $2.85 billion, claiming it is liable for the amounts owed on loans issued in 2006 to Verizon’s spunoff Idearc Inc. unit to which the bank served as the indenture trustee.

In a brief summons filed in New York state court, the bank says former Idearc executive Andrew Coticchio and Verizon must pay back the principal amount owed plus interest because Idearc was never properly incorporated before it entered bankruptcy in March 2009.

The filing...
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