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IN BRIEF / TECHNOLOGY

Network Solutions Settles FTC Charges

September 25, 2003|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.

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