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May 22, 2015 12:27 PM ET

Wireless Telecommunication Services

Company Overview of Cellco Partnership, Inc.

Company Overview

Cellco Partnership, Inc., doing business as Verizon Wireless Inc., provides broadband and other wireless and wireline communications services to consumer, business, government, and wholesale customers in the United States. It operates third generation (3G) wireless broadband networks; and fourth generation long-term evolution technology (4G LTE) networks. The company also provides prepaid voice services; and sells cell phones, smart phones, tablets, mobile hotspots, and accessories, and voice and data plans. In addition, it provides solutions and services to small and medium business; and enterprises, governments and wholesalers. The company serves various retail connections and operates ret...

One Verizon Way

Basking Ridge, NJ 07920

United States

Founded in 1994

Phone:

908-306-7000

Fax:

908-559-7111

Key Executives for Cellco Partnership, Inc.

Chief Executive Officer, President and Member of Board of Representatives
Age: 60
Chief Operating Officer and Executive Vice President
Age: 46
Chairman of The Board and Chief Executive Officer Verizon Communications Inc
Age: 59
President of Verizon Enterprise Solutions
Age: 52
President of Southern California Region
Compensation as of Fiscal Year 2014.

Cellco Partnership, Inc. Key Developments

Nimbo LLC Signs Major Account Agreement with Verizon Wireless

IGEN Networks Corp. announced that its wholly owned subsidiary, Nimbo LLC signed a Major Account Agreement with Verizon Wireless. This agreement establishes Nimbo LLC within Verizon’s partner program for the marketing of Nimbo’s products and services over Verizon’s national wireless services. The Partnership Program includes the sharing of sales leads through the Verizon Wireless sales and support organization that covers the major automotive dealer markets across the United States. According to First Research, an estimated 50,000 automotive dealers generated over $700 billion in annual revenues that accounted for 15.6 million new vehicles and 40.5 million used vehicles sold through dealer channels in the US in 2013. These dealer channels are expected to double in revenues over the next five years through to 2018. It is also noted that there are more than 800,000 vehicles stolen in the U.S. each year. The roadside assistance industry generates more than $6 billion in annual revenues.

A.G. Schneiderman Announces $158 Million Mobile Cramming Settlements with Sprint Corporation and Cellco Partnership

Attorney General Eric T. Schneiderman announced multi-state settlements with Sprint Corporation and Cellco Partnership d/b/a Verizon Wireless that include $158 million in payments to resolve charges that the companies engaged in mobile cramming. Mobile cramming is a practice in which cell phone providers place unauthorized third-party charges on consumers' bills. One common cramming charge is a $9.99 per month premium text messaging subscription service for horoscopes, trivia, sports scores or other information that consumers often never requested. The State Attorneys General and federal regulators allege that cramming occurred when Sprint and Verizon placed charges from third parties on consumers' mobile telephone bills without the consumers' knowledge or consent. Sprint and Verizon are the third and fourth mobile telephone providers to enter into a nationwide settlement to resolve allegations regarding cramming. Attorney General Schneiderman announced similar settlements with ATandT in October of 2014 ($105 million) and T-Mobile in December of 2014 ($90 million). All four mobile carriers announced that they would cease billing customers for commercial PSMS in the fall of 2013. Under the terms of the settlements, Sprint will pay $68 million and Verizon will pay $90 million. Of these amounts, Sprint and Verizon are required to provide $50 million and $70 million, respectively, to consumers who were victims of cramming. Sprint and Verizon will each distribute refunds to harmed consumers through redress programs that will be conducted under the supervision of the Consumer Financial Protection Bureau. It is estimated that more than 2 million New Yorkers are entitled to refunds. Sprint will also pay $12 million to the Attorneys General-including $340,301.30 to New York State-and $6 million to the Federal Communications Commission. Verizon will also pay $16 million to the Attorneys General-including $453,900.83 to New York State-and $4 million to the Federal Communications Commission. The national mobile cramming settlements with the four mobile carriers have netted the State of New York a total of $1,882,846.27. The settlements, like the settlements entered into by ATandT and T-Mobile in late 2014, require Sprint and Verizon to stay out of the commercial PSMS business-the platform to which law enforcement agencies attribute the lion's share of the mobile cramming problem. Under each of the four settlements, the carriers, including Sprint and Verizon, must also take a number of steps designed to ensure that they only bill consumers for third-party charges that have been authorized, including the following: The carriers must obtain consumers' express consent before billing consumers for third-party charges, and must ensure that consumers are only charged for services if they have been informed of all material terms and conditions of their payment; The carriers must give consumers an opportunity to obtain a full refund or credit when they are billed for unauthorized third-party charges; The carriers must inform their customers when they sign up for services that their mobile phone can be used to pay for third-party charges, and must inform consumers of how those third-party charges can be blocked if the consumers do not want to use their phone to pay for third-party products; and The carriers must present third-party charges in a dedicated section of consumers' mobile phone bills, must clearly distinguish them from the carrier's own charges, and must include in that same section information about the consumers' ability to block third-party charges.

Verizon Wireless Wins $17 Million Federal Contract

Verizon Wireless won a $17 million federal contract from the U.S. Department of Homeland Security's Federal Emergency Management Agency for wireless telecommunication.

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