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Vonage Owes $120 Million

Vonage Owes $120 MillionIt’s not the news Vonage executives wanted to hear. The company was refused leave to appeal the decision that left it owing $120 million in damages toVerizon.   The US Court of Appeals turned down Vonage’s application, which related to a case involving three patents that Verizon owned relating toVoice over Internet Protocol (VoIP) calling.   Under the settlement, Vonage will pay $117.5 million to Verizon and another £2.5 million to charity.   This follows another patentsettlement with Sprint that saw Vonage having to pay $80 million.   "We were not surprised, but disappointed that the court denied our request for arehearing of the case," Charlie Sahner, a spokesman for Vonage, told Bloomberg News."We are pleased to continue putting litigation behind us."  Vonage share prices stood at $2 on Friday, and the company has already announced that it might not be able to meet debts coming due in December next year.  

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