Investing.com -- Verizon Wireless and T-Mobile have settled lawsuits in which each company accused the other of misleading consumers through advertisements that promised large savings from switching cellphone carriers.

A stipulation of dismissal for Verizon's lawsuit and T-Mobile's countersuit was filed Friday in Manhattan federal court.

The dismissal came more than five months after U.S. District Judge Lewis Kaplan issued a preliminary injunction in Verizon's favor to block T-Mobile's "Save Over $1,000" campaign.

Verizon filed its lawsuit against T-Mobile in February. The company later expanded its claims to include allegations that T-Mobile ads misled customers by promising more than $3,700 of savings over five years compared with Verizon and AT&T, and promising to "save up to 20% vs. the other big guys."

T-Mobile filed a countersuit claiming Verizon's own campaign featuring bug-eyed images of George Washington, Abraham Lincoln and Benjamin Franklin was false because that carrier could not promise customers a "better deal."

Settlement discussions had included a possible framework to resolve similar future advertising-related disputes between the companies.

As of June 30, Verizon had 147 million subscribers according to its latest quarterly financial report. T-Mobile had slightly fewer subscribers before changing its disclosures of subscriber metrics this year.