23 Jan Verizon Wins Ruling in $9.5 Billion Lawsuit over Idearc Spinoff

DALLAS, TX – In a bench trial conducted to determine the value of Idearc, Inc. at the time of its spin-off from Verizon in 2006, U.S. District Judge A. Joe Fish ruled that Idearc had a value of at least $12 billion and was solvent at the time of the transaction. This determination paved the way for Verizon’s likely success in a bankruptcy lawsuit brought by Idearc creditors who claimed the business was insolvent at the time of the deal.

John Strasburger and Ray Guy (Weil Gotshal), Reid Figel (Kellogg Huber), and Phil Anker (Wilmer Hale) represented Verizon at trial. Impact Trial’s Thomas S.Y. Lee, Kara Lyon, and Randall E. Carter provided unparalleled trial technology and litigation graphics consulting and support to the litigation team throughout the proceedings.

The case is U.S. Bank N.A. v. Verizon Communications, et al., case number 3:10-CV-1842, in the U.S. District Court for the Northern District of Texas, Dallas Division.