reaches $11 million settlement
Rocky Mountain News
Tuesday, February 13, 2007
Qwest Communications will
pay $11 million to settle a class-action lawsuit over its
failed European joint venture KPNQwest.
A New York federal judge recently approved the proposed
settlement, according to court records and a regulatory
filing. The settlement also settle claims against a number
of other defendants including former CEO Joe Nacchio, former
Chief Financial Officer Robert Woodruff and former Chief
Legal Officer Drake Tempest.
The venture provided high-speed communications services in
more than 50 European cities before rapidly descending into
bankruptcy in May 2002.