teachers settle case for $61.6 million
By Jeff Smith
Rocky Mountain News
Saturday, December 8, 2007
The Teacher Retirement System of Texas announced it has reached
a $61.6 million settlement with Qwest Communications on
allegations of securities fraud during former CEO Joe Nacchio's
retirement fund opted out of a $400 million class-action
settlement and pursued its own case. Officials said the
$61.6 million was approximately $60 million more than the fund
would have received as its share of the class-action settlement.
Qwest spokesman Bob Toevs referred to a recent regulatory filing
in which the Denver telco said it had
settled its opt-out cases for a total of $411 million. The
company hasn't disclosed all of the individual settlements, but
the parties on average recovered more than 20 cents on the
dollar, based on reported investment losses of $1.9 billion.
The Colorado Public Employees' Retirement Association recently
said it received $15.5 million through a settlement with Qwest.
The California State Teachers' Retirement System reached a $46.5
million settlement, and the state of
said it settled for $19 million.