Verizon Wirless Thursday agreed to pay $21 million to settle a lawsuit filed by California customers upset with the company's early termination fees, the Associated Press reported.
Details are still pending, but Alan Plutzik, Alameda County (California) Superior Court judge said "we are recovering cash" that would "be available" to Verizon mobile phone subscribers who paid fees to end their contracts early, AP reported.
Shares of Verizon Wireless' parent Verizon (NYSE: VZ) were virtually unchanged on the news, dipping just 8 cents $34.58 in mid-day Thursday trading.
Warranted reimbursement or California dreamin'?
Stock analyst C. Leonard Bauer told BloggingStocks Thursday that, while he abhors cell phone / PDA termination fees as many others do, thinking that mobile phone / phone service providers can eliminate the $100-$250 fee without increasing charges elsewhere does not represent clear thinking.
Details are still pending, but Alan Plutzik, Alameda County (California) Superior Court judge said "we are recovering cash" that would "be available" to Verizon mobile phone subscribers who paid fees to end their contracts early, AP reported.
Shares of Verizon Wireless' parent Verizon (NYSE: VZ) were virtually unchanged on the news, dipping just 8 cents $34.58 in mid-day Thursday trading.
Warranted reimbursement or California dreamin'?
Stock analyst C. Leonard Bauer told BloggingStocks Thursday that, while he abhors cell phone / PDA termination fees as many others do, thinking that mobile phone / phone service providers can eliminate the $100-$250 fee without increasing charges elsewhere does not represent clear thinking.
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