AUSWR
The Association of U S West Retirees
 

 

 

Qwest settles lawsuit brought by California teachers fund
By Jeff Smith
Rocky Mountain News
Tuesday, January 23, 2007

Qwest Communications and founder Phil Anschutz have settled a fraud lawsuit filed by one of the country's largest retirement funds, according to court documents.  Financial terms weren't disclosed, but the California State Teachers Retirement System, or CalSTRS, previously had opted out of a $400 million class-action settlement in hopes of doing better.  In the class-action settlement, eligible stockholders were expected to receive only about 15 cents a share.

Qwest spokesman Bob Toevs, CalSTRS spokeswoman Sherry Reser and Anschutz spokesman Jim Monaghan all declined to comment Monday.

The Denver telco may not want the CalSTRS settlement.  CalSTRS filed the California state lawsuit four years ago, alleging Anschutz, former Qwest CEO Joe Nacchio and others had misled investors.  CalSTRS claimed it lost about $150 million in Qwest stock and bonds.

CalSTRS on Jan. 2 filed a request that the lawsuit be dismissed "with prejudice."  Legal experts said that means CalSTRS has reached a settlement.

http://www.rockymountainnews.com/drmn/tech/article/0,2777,DRMN_23910_5298263,00.html