Verizon, Unions Reach Deal In Principle For 4-Year Contract

PHILADELPHIA (CBS/AP) -- The largest strike in U.S. History looks like it may be over.

It was announced today that thousands of striking Verizon workers are expected to be back on the job next week, after the company and its unions reached an agreement in principle for a four-year contract.

About 39,000 Verizon Communications Inc. landline and cable employees in nine eastern states and Washington, D.C., have been on strike since April. They had been working without a contract since last August.

"Today, I am pleased to announce that the parties have reached an agreement in principle on a four-year contract, resolving the open issues in the ongoing labor dispute between Verizon's workers, unions, and management. The parties are now working to reduce the agreement to writing, after which the proposal will be submitted to CWA and IBEW union members for ratification."

The agreement brings a 13-day strike to an end that saw around 35,000-workers walk off the job. The contract is now being put into writing, after which it will be submitted to both unions for ratification.

Labor Secretary Thomas Perez says the agreement is being written now and will be submitted for approval from union members of Communications Workers of America and International Brotherhood of Electrical Workers.

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