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California and the West

Qwest settles suit by teacher pension fund

February 01, 2007|From the Associated Press

California's giant teacher pension fund has reached a nearly $47-million settlement with Qwest Communications International Inc. over a lawsuit claiming that the Denver-based telephone company defrauded the fund out of $150 million.

The settlement, made public Wednesday, calls for Qwest, its accountants and banks to pay the pension fund $45 million. Former Chief Executive Joseph Nacchio must pay $1.5 million.

The California State Teachers' Retirement System took the losses when Qwest's stock collapsed in 2002 amid allegations of accounting fraud.

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