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Qwest to pay $50 million to settle suit alleging it failed to issue dividends

June 25, 2005 /

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Bear Paw Development Corporation is a private non-profit organization created for the purpose of administering programs to help improve regional economic conditions in Hill, Blaine, Liberty, Chouteau and Phillips Counties and the Fort Belknap and Rocky Boy's Indian Reservations.

Qwest Communications has agreed to pay $50 million to settle a class-action lawsuit alleging the Denver telco breached its fiduciary duty by failing to pay a second-quarter dividend after the merger with U S West in 2000.

U S West stockholders as of the June 30, 2000, merger date will share in roughly two-thirds of the settlement proceeds under a plan that received preliminary approval Friday by Denver District Judge John Coughlin.

By Jeff Smith, Rocky Mountain News

Full Story: http://www.insidedenver.com/drmn/business/article/0,1299,DRMN_4_3881964,00.html

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