KPN Reaches Accord Ending KPNQwest Trustees’ Mismanagement Suit
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Royal KPN NV reached a tentative settlement to end litigation claiming a joint venture between the Dutch phone company and Qwest Communications International Inc. that went bankrupt in 2002 was mismanaged.
KPN, which is partly owned by America Movil SAB, will pay 50 million euros ($68 million) in cash as part of an agreement to resolve a three-year-old civil suit brought by KPNQwest trustees alleging the venture was poorly run, the Hague-based company said in a statement today.