Network Solutions Settles FTC Charges
From Bloomberg News
VeriSign Inc.’s Network Solutions unit, the world’s biggest Internet-address seller, settled Federal Trade Commission charges of tricking consumers into transferring their Web names to the company for a fee.
The unit last year sent out notices made to look like they came from a consumer’s registrar and saying a registration would expire soon, when that in fact wouldn’t happen for months or years sometimes, the FTC said on its Web site.
VeriSign’s shares fell 97 cents to $13.72 on Nasdaq.
The settlement bars Network Solutions from misrepresenting to consumers that a Web name is about to expire and that a name transfer is just a renewal.
The company also must pay $225,000 in attorneys’ fees and other costs and expenses.
