NY Comptroller Accuses Qwest of Fraud

Law360, New York (April 19, 2006, 12:00 AM EDT) -- Three weeks after opting out of a securities fraud class action against Qwest Communications International, Inc., New York State Comptroller Alan G. Hevesi filed an individual lawsuit Tuesday against the telecommunications company, its former executives and its one-time auditor Arthur Andersen LLP.

Hevesi, the sole trustee of the New York State Common Retirement Fund, alleged that the Denver-based company and Arthur Anderson conspired in overstating Qwest’s stock price, causing the retirement fund to lose $250 million. The fund is a large pension fund for New York...
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