Appaloosa Defends Securities Claims Against Qwest

Law360, New York (August 6, 2007, 12:00 AM EDT) -- Hedge fund Appaloosa Investment LP has fought back against KPNQwest, which has been accused of selling worthless securities by misrepresenting its finances, filing a response denouncing Qwest's motion to dismiss the claim.

KPNQwest, a European communications company formed by Quest Communications International Inc. and Koninklijke KPN NV, allegedly issued public reports “riddled with false or materially misleading statements concerning reciprocal purchases and sales of fiberoptic network capacity” with other telecom companies, according to the motion Appaloosa filed on Friday.

“As a result, Appaloosa suffered losses in...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.