Investor Says Verizon Execs At Fault For Mystery Data Bills

Law360, Wilmington (October 23, 2013, 9:19 PM EDT) -- A Verizon Communications Inc. shareholder filed a derivative suit in Delaware Chancery Court on Wednesday claiming former and current company directors, officers and executives should have corrected widespread customer data overcharges before it led to $50 million in refunds and a $25 million payment to the U.S. Treasury.

Arthur V. Belendiuk also alleges that the $52.8 million in customer refunds Verizon agreed to pay in a 2010 consent decree with the U.S. Federal Communications Commission barely covers 20 percent of the revenue the company actually pulled...
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