Qwest has settled all the remaining shareholder lawsuits that accused the company of inflating its stock price in 2001.
The company has agreed to pay up to $411 million, including interest, on or before June 30, to settle the suits, Qwest chief financial officer John Richardson said Tuesday.
The company took a $353 million charge against earnings as a result.
“Putting this uncertainty behind us is a significant milestone for Qwest,” chief executive Ed Mueller told analysts during the company’s third-quarter conference call.
Qwest settled for $400 million an earlier group of class-action suits alleging accounting fraud.
Plaintiffs who agreed to Tuesday’s announced settlement opted out of the earlier one. The names of those plaintiffs weren’t immediately available.
Tom McGhee: 303-954-1671 or tmcghee@denverpost.com
