Brief: Verizon Ordered to Reduce Rates

Verizon Corp. (formerly Bell Atlantic Corp.) has been ordered by New York regulators to cut business and residential rates by US$50 million starting Sept. 1, accelerating an earlier state Public Service Commission rate-reduction plan. Originally, the cut was to be $25 million, but because Verizon sold its share in telecom software and research company Bellcore, another $22.7 million in net proceeds is being passed along to customers, as well as $2.3 million in other revenue.

The rate-reduction scheme is part of a 1995 agreement between Verizon (then Nynex) and state regulators.

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