Complex sentence: Since the FCC did not formally establish that Madison River Communications violated laws and regulation, the "Madison River" settlement does not create a formal precedent, but though established that it would take enforcement action in such situations.
Split into simpler sentences: Since the FCC did not formally establish that Madison River Communications violated laws and regulation, the "Madison River" settlement does not create a formal precedent. Nevertheless, the FCC's action established that it would take enforcement action in such situations.