The proposed $400 million settlement of the Qwest securities class action is getting hit from all sides. Not only has there been an objection to the attorneys’ fees, but two former executives of the company are alleging that they were improperly excluded from the settlement talks. The court will review the settlement in May. Reuters has an article.
Quote of note: “But in their filing the former executives said shareholders and their lawyers ‘irresponsibly failed to explore’ the possibility of including Nacchio and Woodruff in the settlement talks, while letting Qwest’s founder, billionaire financier Philip Anschutz ‘…get released from all liability without paying a penny.'”
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