Verizon Communications Inc. (VZ), the second-biggest U.S. telephone company, was sued for $2.85 billion in debt and interest stemming from its relationship with bankrupt directory company Idearc.
The suit involves the non-payment of debt evidenced by 8 percent senior notes due 2016 that were issued pursuant to an agreement between Idearc and U.S. Bank N.A. as indenture trustee dated November
2006, according to court filings. The trustee filed the suit in New York State Supreme Court in Manhattan yesterday.
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