DENVER — A federal judge has approved a class-action settlement of Qwest shareholders’ claims against former executives of the telecommunications company.
An order signed Wednesday approves a $45 million settlement of claims against former Qwest Communications International Inc. CEO Joe Nacchio and former Chief Financial Officer Robert Woodruff. The order makes effective an earlier $400 million settlement with Denver-based Qwest.
The settlement generally covers people who bought Qwest stock from May 24, 1999, to July 28, 2002.
The New England Health Care Employees Pension Fund, as lead plaintiff, had accused the defendants of artificially boosting Qwest’s stock price through accounting tricks and by making misleading statements about Qwest’s business.
No one admits any wrongdoing under the settlement.
by the associated press
An order signed Wednesday approves a $45 million settlement of claims against former Qwest Communications International Inc. CEO Joe Nacchio and former Chief Financial Officer Robert Woodruff. The order makes effective an earlier $400 million settlement with Denver-based Qwest.
The settlement generally covers people who bought Qwest stock from May 24, 1999, to July 28, 2002.
The New England Health Care Employees Pension Fund, as lead plaintiff, had accused the defendants of artificially boosting Qwest’s stock price through accounting tricks and by making misleading statements about Qwest’s business.
No one admits any wrongdoing under the settlement.
by the associated press
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