Faulty Verizon V265 phones

[sah]

I purchased 2 Verizon V265 phones last July. On Wednesday, 1 year & 4 DAYS later the chip inside the phone died. I lost ALL the numbers (ouch!) and was told that these things happen. They want me to buy a new phone. The 2nd phone is acting the same way; flickering lights.
Is there a problem with these V265 phones? Do "chips" just die? Is this something I should fight or is this a common problem that I have been lucky to have avoided all these years? If its a rare problem I'd like to know. Of course I have a 2 year contract.

Thanks

SAH