The suit related to ads that Verizon ran about Cablevision's advertised Internet speeds.



NEW YORK (TheStreet) -- Verizon(:VZ) and Cablevision(:CVC) have settled a lawsuit over ads Verizon was running that said Cablevision's Internet speeds were slower than advertised, according to Reuters.

Cablevision sued Dec. 6 and said that Verizon was using outdated information. Those ads stopped running Dec. 17. The company will have new ads in the future, according to the article.

The ads said that a "just-released" Federal Communications Commission study showed Cablevision delivers speeds of just 59% of what it advertises during peak hours. The FCC report was from August based on tests done in March. Cablevision has said it has upgraded its system since then.

Terms of the deal were not disclosed.

Shares of Verizon closed down 0.4% at $38.62, while Cablevision gained 1.9% to close at $12.99.

--Written by Chris Ciaccia in New York

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