McLeodUSA Settles

McLeodUSA, Inc., an Iowa-based integrated voice and data services company, has announced the preliminary settlement of the securities class action pending against the company in the N.D. of Iowa. The case was originally filed in January 2002 and alleges that the company issued a series of materially false and misleading statements about its ability to fund and build a national network, as well as other business initiatives. The settlement is for $30 million.