Qwest Communications' settlements of class actions imminent OMAHA.COM Qwest Communications International Inc. is expected to announce as soon as today a $400 million settlement of most shareholder lawsuits filed in the wake of an accounting scandal that forced the company to restate billions in revenue, a source said late Monday. Docket here. The proposed settlement would cover Denver-based Qwest, some former executives and its board of directors, with the exception of former Chief Executive Officer Joseph Nacchio and former Chief Financial Officer Robert Woodruff, said the source, who is familiar with the negotiations but asked not to be identified because it might interfere with ongoing talks. Qwest spokesman Bob Toevs declined to comment late Monday. The government investigation into Qwest began in February 2002. The Securities and Exchange Commission said fraud at Qwest occurred between April 1999 and March 2002, allowing it to improperly report about $3 billion in revenue that facilitated its 2000 merger with US West. Among other things, the SEC said Qwest repeatedly booked revenue from one-time sales of equipment and fiber-optic swaps while falsely claiming to investors that the income was recurring. Qwest later restated earnings from 2000 and 2001 to erase about $2.2 billion in revenue. The shareholder lawsuits alleged that Qwest, the former officers and board members concealed information about the revenue. The settlement would be paid out of a $750 million reserve that Qwest has set aside for legal purposes, the source said.