Qwest Communications et al.

Los Angeles, CA: Qwest Communications and founder Phil Anschutz have settled a fraud lawsuit filed by The California State Teachers Retirement System, (CalSTRS) for an undisclosed amount. The CalSTRS had previously opted out of a $400 million settlement in hopes of doing better. In 2002, CalSTRS filed the lawsuit alleging that the founder Phil Anschutz, former Qwest CEO Joe Nacchio, and others had misled investors. CalSTRS claimed it lost about $150 million in Qwest stock and bonds. CalSTRS filed a request that the lawsuit be dismissed "with prejudice." Legal experts said that means CalSTRS has reached a settlement. (Jan-23-07) [ROCKY MOUNTAIN NEWS: QWEST CALSTRS SETTLEMENT]