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Qwest's $400M Settlement Receives Final Approval

Law360 (October 2, 2006, 12:00 AM EDT) -- A federal judge has approved the $400 million settlement reached last year between wronged investors and Qwest Communications International Inc., although the telecom is still entrenched in numerous legal battles with parties that opted out of the deal.

The cash will be used to reimburse the remaining investors who lost money when stock for Denver, Col.-based Qwest plummeted in 2001 amid revelations of an intricate $2.5 billion accounting fraud.

Qwest could still choose to cancel the deal if the U.S. Securities and Exchange Commission effort falls...
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