Judge OKs Bankrupt Telecom Co.'s $36M Verizon Settlement

Law360, Los Angeles (January 29, 2013, 3:50 PM EST) -- A New York federal judge on Monday approved a $36.2 million settlement between Global NAPs Inc. and Verizon New England Inc. in a dispute over unpaid fees, rejecting the former head of Global NAPs' objection that the deal unfairly forfeited the bankrupt telecommunications company's $45 million counterclaims.

Under the deal struck in August, Verizon will reduce a judgment it won against Global NAPs by $21.5 million, from $57.7 million to $36.2 million. Verizon also agreed to reduce its judgment against Global NAPs by an amount equal...
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