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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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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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