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The Dutch Supreme Court has ended a probe into KPNQwest’s 2002 bankruptcy, allowing for the completion of a settlement between the firm’s parent companies, Qwest Communications and Royal KPN NV, and KPN shareholders.
Court-appointed investigators were trying to determine whether the companies misled investors about KPNQwest’s financial health.
Hoofddorp, Netherlands- based KPNQwest, a joint venture of KPN and Qwest, declared bankruptcy in 2002. Dutch shareholder group VEB, representing about 5,500 investors, has agreed to a $25 million settlement.
