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A federal appeals court rejected the settlement of a shareholder suit against Qwest because a lower court excluded former chief executive Joe Nacchio from the agreement.
The securities-fraud lawsuit, filed in 2001, named Qwest, Nacchio, former chief financial officer Robert Wood ruff and accounting firm Arthur Andersen as defendants. Nacchio and Woodruff were excluded from the settlement, approved in October 2006, and objected to it, according to court documents.
