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Level 3 Investors' Deal Denied After CenturyLink Tie-up OK'd

Law360 (March 18, 2019, 10:24 PM EDT) -- A Colorado federal judge has declined to approve a settlement of claims brought by a class of Level 3 Communications Inc. shareholders who sued to block the company's sale to CenturyLink for $34 billion, saying the suit is likely moot because the shareholders have approved the deal.

U.S. District Judge Raymond P. Moore said Friday that because the shareholder vote on Level 3 Communications' sale to CenturyLink had already occurred and went through with "the plaintiff's blessing," then the shareholders can not collect damages or postpone the vote.

Also, lead plaintiff James Amedee did not properly explain in his motion to...

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Colorado

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Securities, Commodities, Exchange

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Date Filed

January 17, 2017

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