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April 20, 2014
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Dallas federal judge rules for Verizon in $9 billion lawsuit
Posted On: Jan 26, 2013

Creditors in the 2010 bankruptcy case of Dallas-based Idearc Inc. seeking to recoup more than $9 billion in losses were dealt a near certain death blow Tuesday when a federal judge in Dallas ruled they have almost no chance of winning their case. U.S. District Judge Joe Fish, in a 66-page written decision, said that Idearc, a publisher of the U.S. Yellow Pages for small- and medium-size businesses, was valued at more than $12 billion when global Verizon Communications spun off the Dallas business directory in 2006.

The judge’s $12 billion valuation of Idearc, now known as SuperMedia Inc., means that the company was solvent when it was spun off and that Verizon did not mislead investors or creditors, which is the basis of the lawsuit, according to legal experts. Idearc’s value plummeted in the years following the 2006 spinoff, leading to the company filing for Chapter 11 bankruptcy protection in 2010. As part of the resolution of the bankruptcy, the trustee, led by U.S. Bank National, sued Verizon, claiming the telecommunications giant defrauded shareholders. Fish gave lawyers for the creditors until Feb. 8 to provide additional evidence or arguments or face having the lawsuit dismissed.
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