Updated Friday, November 6, 2009 11:34 am TWN, Bloomberg

Verizon wins lawsuit that may have cost US$1.67 bil.

NEW YORK -- Verizon Communications Inc. defeated a group lawsuit over pension payments that may have cost the second-largest U.S. phone company about US$1.67 billion. Cynthia Young, who worked for more than 30 years at Verizon and predecessors including Bell Atlantic, claimed the company calculated pensions incorrectly in a class-action suit filed on behalf of employees in federal court in Chicago.

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