Pension Fund Resolves Fraud Suit Against Qwest

Law360, New York (January 31, 2007, 12:00 AM EST) -- Qwest Communications International Inc. has reached a $47 million settlement with one of the country’s biggest pension funds over allegations that the telephone company swindled the fund out of $150 million.

The settlement, which was disclosed Wednesday, requires Qwest, its accountants and banks to make a $45 million payment to the California State Teachers’ Retirement System. Disgraced former chief executive Joseph Nacchio must also shell out $1.5 million.

The deal was struck in December, but had remained under seal in San Francisco County Superior Court....
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