Getting your player ready...
Qwest has agreed to pay an extra $40 million to settle a class- action securities-fraud lawsuit filed by shareholders, according to a regulatory filing.
In addition, former Qwest chief executive Joe Nacchio and former chief financial officer Robert Woodruff will contribute a total of $5 million out of insurance proceeds, according to a filing with the Securities and Exchange Commission.
The stipulation, which needs federal court approval, was signed Monday and disclosed in Qwest’s second-quarter report.
