Qwest To Pay $400M To Settle Class Action Over Fraud
Law360 (November 2, 2005, 12:00 AM EST) -- With a $400 million settlement offer, Qwest Communications International Inc. Tuesday moved toward resolving a slew of investor class action lawsuits over alleged securities fraud that led to the company’s restatement of billions of dollars in revenue in 2002.
The settlement is directed at around twenty class action suits that were filed against the Denver-based company in 2001 and 2002 in the U.S. District Court for the District of Colorado. They alleged certain of the company’s board members and executives misled investors prior to erasing $2.5 billion in revenue and obtained more than $600 million through insider trading.
Qwest signed a...
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