Qwest, shareholders reach $400M settlement

Qwest is rallying the troops as it nears the end of its shareholder lawsuit over a 2002 accounting scandal and posts narrowed losses in the third quarter. Qwest also sees the end in sight for its shareholder lawsuit after reaching a $400 million settlement that would resolve claims against the company, some former executives and its board. The tentative agreement must still be reviewed and approved by the courts. The cases against CEO Joseph Naccio and CFO Robert Woodruff would not be resolved by the shareholder settlement because the company believes they should bear individual responsibility for their actions.

Qwest reported losses of $144 million in the third quarter compared to last year's $569 million loss. Qwest attributes the increased revenue and decreased losses to strong sales and a $52 million government contract.

For more on the proposed Qwest settlement and Q3 results:
- turn your attention to this article from the Seattle Times

PLUS: Qwest recently dropped out of the race for the bid to build a wireless network for the city of Portland. Article