You don't have a case. Tell your lawyer to go through the hundreds if not thousands of cases since 2007 about this very issue over updates for various devices. Here's a hint. They all were thrown out of court against carriers. Carriers so not code the update and they only test updates when submitted and they are not the ones who make the phone. Back in the 90's carriers in court said their branding is nothing more to distinguish between other versions of the same phone to ensure customers would know the phone would work on their network. Just some food for thought.
Make sure your lawyer does it for free unless you win.
While, as sad as it is, I agree with Tidbits - I don't really see this gaining any real chance, I would be interested to see it happen, since Verizon does have a history of caving to customers, though not *exactly* on this issue, so who knows, there's a chance something could actually happen.
Verizon stopped charging 2$ for paying bills online due to public outrage, and did actually lose a legal battle against some due to throttling (not on any large scale, but they did lose individual battles), so there is precedence.
Also, this update case may be special due to 5.0.1 causing the incredible amount of issues it does, as well as causing hardware issues. That's costing everyone money, rather than simple neglect from not updating. That alone may make it different.
But, who knows?
The ONLY real chance anyone has is getting a higher up from the manufacturer to put their name on the update and that they gave it to Verizon months ago. NOT ONE PERSON HAS DONE THIS IN EVERY CASE! No one from manufacturers has been willing to put their name on the update and do you know why? They would get caught lying and if they give any information the carriers can then violate the NDA to protect themselves which may prove that the manufacturers are the ones delaying the update(possibility). I have yet to see someone from the development team or upper management of any manufacturer say "We finished XYZ update, and said "carrier" has not reviewed or even tested the update yet."