Feb 4, 2007 8:43 am US/Mountain
Qwest Settles Lawsuits Ahead Of Nacchio Trial
DENVER (AP) ―
As next month's trial of former Qwest chief Joe Nacchio approaches, court records show the company has quietly settled several outstanding fraud lawsuits.
The settlements mark the telecommunications company's latest bid to clean up legal woes left over from Nacchio's tenure.
Nacchio is set to face an insider-trading trial in Denver that could uncover details about the company's financial practices in 2000 and 2001.
Several lawsuits complain that Qwest, under Nacchio's watch, misstated financial performance and misled investors.
Recent settlements include an agreement with investor groups who had earlier rejected a $400 million class-action settlement.
Court records show the company has also:
-- Reached a $46 million agreement with the California Teachers' Retirement System.
-- Settled a $300 million complaint with the New York City Employees' Retirement System.
-- Settled with the Stitchting Pensionenfonds ABP of the Netherlands, which claimed loss of more than $100 million.
Still pending is a suit by the Teachers' Retirement System of Louisiana, which claims a $23 million loss, and claims that the Shriners Hospital for Children lost about $23 million.
(© 2007 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
Stumble It!
Comments