makes offer to settle suit
By The Denver Post
Monday, June 26, 2006
Qwest and Deutsche Bank have offered to pay $37.5 million to
settle a class-action lawsuit regarding alleged
mismanagement of the company's retirement fund, according to
a federal filing Friday.
Current and former employees of Denver-based Qwest and
Deutsche Bank first filed a lawsuit in 2002 saying Qwest
stock holdings in its retirement plan were managed
improperly, according to the filing. At that time, lawyers
indicated they would seek billions of dollars in damages.
The Denver-based telecom would pay $33 million in the
proposed settlement; Deutsche Bank would pay $4.5 million.
None of the parties would admit wrongdoing, the filing said.
If the settlement is approved by the court, Qwest will
receive insurance to offset $10 million of its proposed
Qwest also recently agreed to settle a 2001 shareholder
lawsuit for $400 million.