While Apple released iOS 4.3.3 for GSM iPhones, iPad and iPod touch, the company also released iOS 4.2.8 for the CDMA Verizon iPhone 4 in order to fix the iPhone location tracking bug.
In order to update Verizon iPhone 4 firmware, simply connect your device to your computer and start iTunes. Once iTunes fires up, it will automatically prompt you that a new firmware upgrade, iOS 4.2.8, is available. Click on "Download and Update" and iTunes will update iOS 4.2.8 on your Verizon iPhone 4 itself.
Alternatively, you can also download iOS 4.2.8 ipsw directly from Apple via the link given below manually update iOS 4.2.8 on Verizon iPhone 4. For that you have to connect your device to the computer, start iTunes, press and hold the Shift key on Windows or the alt key on Mac and click on "Restore." Release the respective key and navigate to that path where you have saved the downloaded iOS 4.2.8 ipsw file. Select it and iTunes will do the rest.
Download iOS 4.2.8 for CDMA Verizon iPhone 4 [Direct Link]
Download iOS 4.2.8 for Verizon iPhone 4
Download iTunes 10.2.2 for Windows and Mac