Qwest, SEC likely to reach $250 million settlement on fraud charges

Qwest Communications, the nations fourth-largest local phone company, is expected to announced a $250 million settlement with the Securities and Exchange Commission over financial and disclosure fraud charges, an anonymous source said Friday. The settlement, which would be one of the largest this year reached by the SEC, will likely be announced later this month. Qwest has been under investigation by the SEC and the Justice Department since 2001 over whether it reported false revenues. JURIST's Paper Chase has more on the fraud scandal. Reuters has more.

 

About Paper Chase

Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible format.

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