In 2003, VeriSign took advantage of its privileged position to launch a new service known as 'Site Finder', to which internet users who misspelled URLs were directed.

ICANN ordered VeriSign to shut down Site Finder, arguing that it conflicted with spam filters and gave VeriSign an unfair advantage over other providers of search services. In response, VeriSign sued ICANN, suggesting that its ability to make money had been hindered by the decision.

However, a statement released by ICANN earlier this week explained that:

"ICANN today announced that it has reached an proposed agreement to end all pending litigation over its long-standing dispute with VeriSign. The proposed agreement documents are being posted for public comment and are subject to final approval of the ICANN Board."

"This settlement will clear the way for a new and productive public/private partnership in coordinating technical management of the Internet's domain name system."

The proposed agreements between ICANN and VeriSign provide for the settlement of all existing disputes between ICANN and VeriSign, coordination of planning where appropriate, and commitment to binding international arbitration to prevent any future disagreements from resulting in costly and disruptive litigation.

The statement went on to add that:

"Importantly, the creation of a clearly defined process for the introduction of new registry services is incorporated in a new .COM Registry Agreement. The agreement also extends the term of VeriSign's management of the world's oldest public registry .COM, and sets out better ways for ICANN and VeriSign to work together to promote stability and innovation of the Top Level Domain."