Verizon Wireless In Billion-Dollar Lawsuit
Verizon is about to become the target of the largest class action suit ever certified in arbitration. The suit covers the over 70 million former Verizon Wireless subscribers and could have a pay out as high as $1 billion. Yes. A billion. Claimants in the suit are allowed to dispute the $175 early termination fee that Verizon has since started prorating.
Termination fees are meant to cover liquidation damages, which result from a breach of contract. The problem is liquidation damages are hard to quantify, leaving the absurdly high early termination fees vulnerable to litigation.
Just think, with that $175, you'll now be able to pay the early termination fee on the AT&T service you're not so happy with.
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