Qwest has agreed to pay the Colorado Public Employees Retirement Association $15.5 million in a settlement resulting from the carrier's financial scandal earlier this decade. PERA is one of the groups that had opted out of a $400 million class action lawsuit two years ago, and Qwest recently said it would pay a total of $411 million to the groups who opted out. The decision to opt out paid off for PERA --it would have gained only $400,000 from the 2005 settlement. Meanwhile, the SEC's civil case against former Qwest CEO Joe Nacchio and Nacchio's appeal of his criminal conviction, stemming from the scandal, are still pending.
- check out this Associated Press story
- Nacchio's appeal is seeking information from the federal government