Nynex Corp. Settles Claim of Overcharges: The...

Nynex Corp. Settles Claim of Overcharges: The parent company of New England Telephone and New York Telephone agreed to pay $1.4 million to the U.S. Treasury, cut long-distance rates by $35.5 million and reduce the two telephone companies’ capital accounts by $32.6 million to resolve allegations they overcharged customers through an unregulated purchasing subsidiary. Nynex admitted no guilt and the Federal Communications Commission said it made no findings of wrongdoing. The FCC investigation centered on an alleged $118.5 million in overcharges to the companies by Material Enterprises Co.