Verizon To Pay $95M To Settle FairPoint Acquisition Row
By Linda Chiem (August 13, 2014, 7:31 PM EDT) -- Verizon Communications Inc. has agreed to pay FairPoint Communications Inc.'s litigation trust $95 million to settle a $2 billion fraudulent transfer suit alleging Verizon lured FairPoint into a "disastrous" acquisition that drove it into bankruptcy, according to New York bankruptcy court documents filed Tuesday.
The litigation trustee for the FairPoint Litigation Trust filed a motion asking the Southern District of New York to reopen the since-closed FairPoint bankruptcy case solely for the purpose of approving the proposed $95 million settlement with Verizon. Under FairPoint's reorganization plan, the bankruptcy court has to sign off on any settlement in the Verizon litigation, which...
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