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Judge approves settlement over merger lawsuits, Qwest says

 

By Andy Vuong
The Denver Post

February 26, 2011


A federal judge in Denver has approved a class-action settlement that will dismiss shareholder lawsuits filed against Qwest and proposed merger partner CenturyLink, a Qwest spokeswoman said Friday.

The judge "indicated that he'll issue the order next week and it'll become effective March 17," said spokeswoman Diane Reberger.

After Qwest and CenturyLink announced plans for a $22 billion merger in April, 17 shareholder suits were filed against the companies. In general, the lawsuits allege that the merger doesn't adequately compensate Qwest investors.

The cases were consolidated and assigned to U.S District Judge Wiley Daniel.

Under terms of the settlement, Qwest and CenturyLink agreed to provide additional disclosures about the merger, which was included in a regulatory filing in July. The companies also agreed to cover attorney fees.

The merger is expected to close by April 1.