Verizon Wins Vonage Patent Suit

A jury finds infringement and awards $58 million.
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A federal jury has ruled that Vonage (VG) - Get Report infringed on three Verizon (VZ) - Get Report patents.

A U.S. District Court jury in Alexandria, Va., says the Holmdel, N.J., Internet phone service provider improperly used key technology for connecting calls and using voicemail developed by Verizon.

The jury ordered Vonage to pay $58 million in damages and a 5.5% royalty on future sales.

Vonage shares were down 21 cents, or 4%, to $4.84 in late-afternoon trading Thursday.