Vonage says settles patent dispute with Verizon

NEW YORK (Reuters) - Internet-based calling company Vonage Holdings Corp. (VG.N) said on Thursday that it settled a patent dispute with Verizon Communications Inc (VZ.N).

Vonage said the final terms of the settlement depend on a court of appeals decision on Vonage's petition for a rehearing on its patents, but the amount will be capped at $32 million in addition to $88 million already held in escrow.

Vonage has been hit by a series of lawsuits since going public in May 2006. It has also been sued by AT&T Inc (T.N).

(Reporting by Ritsuko Ando)