The Internet Corporation for Assigned Names and Numbers (ICANN) has settled a legal dispute with VeriSign over its proposals to introduce new services and the prices it charges users for .com and .net domains.
ICANN will renew VeriSign's domain distribution contract for .com and .net names in 2012. Under the contract £3.50 from each domain registered by VeriSign will go to ICANN. Until 2012, ICANN will also allow VeriSign to raise domain registration fees by up to 7% in four out of the six future years.
The settlement has been criticised by internet watchdogs such as the Coalition for ICANN Transparency (CFIT). It objected to the decision to give VeriSign control over the .com and .net domains without a competitive tender, and said the agreed price increases for registering domains were unjustified.