Qwest Narrows Loss; It Offers to Settle Suits
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From Associated Press
With a tentative $400-million settlement of a key shareholder lawsuit in hand, Qwest Communications said that it narrowed its margin of loss in the third quarter on the strength of sales and a $52-million government contract.
Chief Executive Richard Notebaert said he hoped the settlement would pave the way for the Denver-based company to resolve a handful of remaining lawsuits stemming from an accounting scandal that forced Qwest to restate billions of dollars in revenue.
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