Qwest has agreed to add $40 million to the kitty to finally settle a class-action securities lawsuit that’s hung around its corporate neck for the past seven years. An additional $5 million will be paid from insurance proceeds and will resolve former CEO Joe Nacchio and ex-CFO Robert Woodruff civil liability in the case.
The deal--once approved by a federal court--would allow the courts to move forward with a $400 million settlement approved in 2006.
For more:
- See this Associated Press story
