Cablevision Systems Corp said Monday that it would dismiss a lawsuit it filed earlier this month against Verizon Communications Inc for allegedly misleading consumers about the speed of Cablevision's Internet services.

Cablevision and Verizon have reached an agreement to resolve this dispute without further need for litigation, the companies said in a joint statement.

In the lawsuit filed December 6 in Brooklyn federal court, Cablevision accused Verizon of running a deceptive advertising campaign based on a study from the Federal Communications Commission showing that the company only delivered up to 59 percent of its advertised Internet speeds during peak hours.

Cablevision said Verizon's claims were based on an outdated August study that has since been updated. Verizon defended its use of the study, saying the results were based on a months-long study of Internet speeds, and accused Cablevision of deceiving customers.

On Monday, Cablevision filed a notice that it was voluntarily dismissing the lawsuit. Further details were not made available.

But in court papers filed December 12, Verizon said it had agreed to modify portions of the ads in question to address Cablevision's allegations. It will no longer refer to the FCC report as new or recent and will stop asserting that the study pertains to Cablevision's current speed performance, according to court filings.

The case is Cablevision Systems Corp et al v. Verizon Communications Inc et al., in the U.S. District Court for the Eastern District of New York, no. 11-5934.

(Editing by Lisa Von Ahn)

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