Former Qwest CFO Settles SEC Claims

Skadden achieved a favorable settlement on behalf of Robert Woodruff, the former CFO of Qwest Communications, in connection with a fraud-based action brought by the SEC alleging that Woodruff was liable for more than $40 million in illicit gains. On February 2, the SEC filed notice with the U.S. District Court for the District of Colorado approving the settlement in which Woodruff will pay a $300,000 penalty. An additional $2 million in disgorgement will be paid from an insurance fund set up by Qwest.