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Bid by Anschutz to Block Suit Rejected

November 22, 2003|From Reuters

The California Supreme Court has rejected a bid by billionaire Philip Anschutz to avoid being sued for allegedly aiding and abetting securities fraud at Denver-based-phone company, Qwest Communications International Inc.

The state high court also refused to stop the lawsuit, brought against Qwest, Anschutz and company President Joseph Nacchio by the California State Teachers Retirement System, while Anschutz appeals the ruling to the U.S. Supreme Court.

Lawyers for the pension fund said the case could be the first to name individual executives under a little-known state law that allows individuals to be sued for aiding securities fraud.

Anschutz has corporate ownership interests in the Los Angeles Staples Center, the Los Angeles Kings hockey team as well as extensive real estate and entertainment holdings in the state.

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