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Qwest Shareholders Opt Out of Proposed Settlement

Law360 (May 5, 2006, 12:00 AM EDT) -- Expanding litigation for Qwest Communications International Inc., more members of an accounting fraud class action lawsuit against the embattled telecommunications company have opted out of a $400 million settlement proposal with the U.S. Securities and Exchange Commission.

The members that opted out claim they were cheated out of $2.79 billion by the company’s fraudulent dealings between April 1999 and March 2002, according to a Qwest quarterly report filed recently with the SEC.

The claimants accused Qwest and seven former company executives, including former chief executive officer...
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