Verizon/Straight Path Settlement Paid
The FCC has announced that Straight Path and Verizon have paid a civil penalty of $614,300,000 to the U.S. Treasury in connection with the settlement reached in the January 2017 Consent Decree. As you may recall, the settlement resolved an investigation into allegations that Straight Path failed to use its spectrum and thus violated the Commission’s buildout and discontinuance rules in connection with approximately 1,000 licenses in certain millimeter wave spectrum bands. Pursuant to the Consent Decree, Straight Path was required to sell its licenses and remit 20% of the overall proceeds of the transaction to the U.S. Treasury. Straight Path chose to sell its licenses to Verizon and the transaction was approved on January 18, 2018.
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