AUSWR
The Association of U S West Retirees
 

 

 

Qwest investors to share $250M
By Rocky Mountain News
Saturday February 25, 2006

The Securities and Exchange Commission said Friday it will distribute $250 million to aggrieved Qwest shareholders as part of the settlement of a similar class-action lawsuit.  Qwest agreed to pay $250 million to settle civil fraud charges with the SEC in 2004.  Certain former executives of Qwest who have settled charges with the SEC have also put money into the "Fair Fund," as it's called.  It now has $252.9 million to distribute to former Qwest shareholders.

Throughout 2005, Qwest still had to deal with plaintiffs in a class-action securities fraud suit.  The telco settled that case last November for $400 million.

The federal regulators wanted "to minimize costs, maximize the recovery of investors, and complete the distribution (of the Fair Fund money) as efficiently as possible."  So the SEC will piggyback on the class-action settlement to get it done.

The SEC said investors who purchased common stock of Qwest during the period from July 27, 1999, through July 28, 2002, may be eligible to share in the Fair Fund.  That time frame is not the same as the Class Period in the Qwest class-action settlement.

The SEC said no attorneys' fees can be claimed, and none will be deducted, from the Fair Fund.

Claims documents can be obtained from administrator Gilardi & Co. LLC by mailing the firm at P.O. Box 808003, Petaluma, CA 94975-8003, calling 1-800-516-6339, or downloading them from www.gilardi.com.

http://www.rockymountainnews.com/drmn/tech/article/0,2777,DRMN_23910_4495642,00.html