NY Pension Fund Opts Out of $400M Qwest Deal

Law360, New York (April 7, 2006, 12:00 AM EDT) -- In a practice that is becoming more and more common, a pension fund representing New York schoolteachers has opted out of Qwest Communications Inc.’s $400-million shareholder settlement proposed in the wake of the telecommunications giant’s massive accounting scandal.

The New York State Teachers’ Retirement System “requested exclusion from the proposed settlement,” according to court papers filed this week in U.S. District Court for the Southern District of New York.

Last November, Qwest proposed the tentative $400-million deal to settle the numerous class action suits brought against...
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.