VeriSign has settled a breach-of-contract lawsuit accusing the organization that oversees the Internet's addressing system of delaying new domain-name services, it has emerged. VeriSign is responsible for managing the .com and .net domains.

VeriSign has dropped all its lawsuits against internet overseeing organisation ICANN, agreed to hand over ownership of the root zone, and in return been awarded control of all dotcoms until 2012.

The agreement is a huge boost to ICANN, dragged down by the lawsuits and fighting for autonomy against both the US government and the United Nations. But it also represents a significant victory for VeriSign's obstructive tactics as ICANN sought to establish its sway over the net.
President and CEO of ICANN, Paul Twomey and VeriSign appeared to be very pleased.