Securities Fraud

Juneau, AK: (Nov-21-07) The state of Alaska brought charges against Denver-based Qwest Communications International Inc., alleging that the company engaged in securities fraud. As part of a settlement reached, sources confirmed that the state has negotiated a $19 million payout with the company. According to reports, this is the third settlement Alaska has negotiated with corporations in as many years. Earlier, it received $45 million dollars from AOL Time Warner, and $14 million from WorldCom. Under the present agreement, the Department of Law stated that the Alaska Permanent Fund Corporation stands to receive $13 million and the Department of Revenue and the Alaska Retirement Management Board will receive $6 million. [TV 9 NEWS: QWEST SECURITIES]

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Published on Nov-23-07