AUSWR
The Association of U S West Retirees
 

 

 

Qwest 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 payment.

Qwest also recently agreed to settle a 2001 shareholder lawsuit for $400 million.

http://www.denverpost.com/business/ci_3979894