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.
For more:
- check out this Associated Press story
Related articles:
- Nacchio's appeal is seeking information from the federal government