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Covad

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and

Verizon

(VZ) - Get Verizon Communications Inc. Report

reached a comprehensive agreement that settles all of their pending litigation and disputes, including a deal to resolve any billing disagreements.

The settlement will see the dismissal of Covad's pending antitrust case against Verizon and a separate suit that Verizon had filed against Covad. Financial terms weren't disclosed.

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A related agreement also expands Covad's existing commercial line-sharing pact that will enable the company to provide its xDSL services over lines being used by resellers of Verizon's voice services.

Separately, Covad signed a deal to serve as a preferred provider of local access and network services to

MCI's

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DSL business customers. MCI and Verizon are in the process of merging.

Shares of Covad were higher by 17 cents, or 25%, to 84 cents on the news. Verizon was down 21 cents, or 0.7%, at $30.23.

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