They certainly should be fined if they are not meeting those responsibilities. Granted, Verizon is a privately-owned business, however, they are in the communications biz, which for many good reasons is regulated by Govt.
Verizon is a business but the copper they sell service on is regulated in return for a near monopoly over it.
They need to pay for it and now they need to pay for a mistake they knowingly made (lack of maintenance.)
