The following is a summary of recent news for Verizon Communications(NYSE: VZ) to help quickly get you up to date on the most important events regarding the company this past week.
FCC Fines for Illegal Data Sharing
Verizon, along with AT&T(NYSE: T), T-Mobile(NASDAQ: TMUS), and Sprint (now owned by T-Mobile), has been fined a hefty sum for the illegal sharing of customer location data. The Federal Communications Commission (FCC) imposed fines totaling nearly $200 million on these carriers. Specifically, Verizon's share of the fine amounts to about $47 million, as part of a broader action where the FCC accused these companies of selling access to sensitive user data without consent. This practice not only violated legal standards but also compromised consumer privacy. The carriers expressed intentions to appeal against what they consider "excessive" fines. A Verizon spokesperson told FOX Business that "the FCC’s order gets it wrong on both the facts and the law, and we plan to appeal this decision."
