Verizon Sued for Mismanagement Over FCC Fine on Charges
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Verizon Communications Inc., the second-largest U.S. phone company, was sued by an investor who claimed some officers and directors violated management duties, leading to fines for $360 million in wireless overcharges.
The New York-based company from 2007 to 2010 tacked on $1.99 in bogus small-data exchange fees to wireless bills, then said it was a mistake when the Federal Communications Commission began investigating.