Qwest paying millions more to settle old lawsuit

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

Suggested Articles

“We’ve seen decades of momentum in weeks," said Gelsinger. "We’re surprised how quickly customers were able to adapt."

Along the same lines as AT&T last week, Comcast Business has released a more robust, in-home broadband service for work from home employees.

After posting a triple-digit revenue increase last year, the growth outlook for carrier managed SD-WAN has been lowered by 17%, according to a report.