The following was reported today, December 31, 2007, at Yahoo! Finance:
Internet phone company Vonage Holdings Corp. and Canadian telecommunications equipment maker Nortel Networks Corp. have settled their patent disputes, the companies said Monday.
The settlement involves a "limited cross license" to three Nortel and three Vonage patents, and will not call for any monetary payments by either company, they added.
The latest settlement closes a difficult year for Vonage, whose stock has lost 71 percent in the past 12 months amid a string of legal problems.
Last week, Vonage agreed to pay AT&T Inc. $650,000 a month for a total of $1.95 million as a prepayment in an another patent settlement. The companies said last month the settlement will total $39 million, to be paid over five years.
Vonage has also been the target of patent lawsuits from Verizon Communications Inc. and Sprint Nextel Corp. It settled the Verizon case for a maximum of $120 million and the Sprint case for $80 million earlier this year.