Qwest settles remaining suits claiming stock-price inflation
By Tom McGhee
Wednesday, October 31, 2007
Qwest has settled all the remaining shareholder lawsuits that
accused the company of inflating its stock price in 2001.
The company has agreed to pay up to $411 million, including
interest, on or before June 30, to settle the suits, Qwest chief
financial officer John Richardson said Tuesday.
The company took a $353 million charge against earnings as a
"Putting this uncertainty behind us is a significant milestone
for Qwest," chief executive Ed Mueller told analysts during the
company's third-quarter conference call.
Qwest settled for $400 million an earlier group of class-action
suits alleging accounting fraud.
Plaintiffs who agreed to Tuesday's announced settlement opted
out of the earlier one. The names of those plaintiffs
weren't immediately available.
Tom McGhee: 303-954-1671 or