AUSWR
The Association of U S West Retirees
 

 

 

Denver retirement plan sues Qwest over stock losses
By Sam Adams
Rocky Mountain News
Tuesday, August 8, 2006


The city’s retirement plan administrators filed a federal lawsuit against Qwest Communications International seeking at least $1.2 million they said was lost in an accounting scandal that forced the company to restate billions of dollars in revenue.  Denver Employees Retirement Plan bought 58,800 shares of Qwest stock between 1999 and July 2002, when Qwest announced it would restate earnings for 2000 and 2001, according the lawsuit filed Monday in U.S. District Court.

As of the first of this year, the retirement plan had about 18,400 participants or members who were either employed by or retired from the city and county of Denver or the Denver Health and Hospital Authority.

The lawsuit is the latest in a handful pending against Qwest, which federal regulators say improperly reported approximately $3 billion in revenue that facilitated its 2000 merger with U S West.

A Qwest spokesman did not immediately return calls Tuesday.

Many shareholders involved in one lawsuit have reached a $450 million class-action settlement with Qwest, but claims are pending against former Chief Executive Officer Joseph Nacchio and former Chief Financial Officer Robert Woodruff.

Last year, Qwest announced it had placed $750 million into a reserve fund for anticipated litigation costs.


About Sam Adams
Sam Adams writes The A-List, an Internet blog.  He joined the Rocky Mountain News in 1996, first as the Denver Broncos beat reporter before taking his current role as sports notes columnist. The Colorado Association of Black Journalists voted Adams the Print Journalist of the Year award in 2003.

http://www.rockymountainnews.com/drmn/tech/article/0,2777,DRMN_23910_4902436,00.html