Welcome to the Qwest Communications Remission website. This website has been established by the U.S. Department of Justice to provide general information related to the Remission Distribution, provide additional Case Documents, Frequently Asked Questions and Contact information.
Distribution of Remission
As of April 26th, 2012, we commenced mailing the Qwest Communications Remission. The United States Department of Justice has recently authorized the release of remission payments totaling about $44 million to eligible Qwest investors.
In order to participate in this distribution, you must have previously submitted a claim and been found eligible for a distribution. The funds available for this distribution comprise a small fraction of investors’ total recognized losses. Therefore, many investors who previously received a payment in connection with the SEC action or the private class action may not be eligible to participate in this distribution due to the $10 minimum check amount established by the Department of Justice.
If you have received a check and are unable to negotiate due to beneficiary changes please e-mail your check reissue request to email@example.com and provide your Claim Number, Check Amount, Phone Number, and Current Mailing address. Please note, in order to change the named beneficiary on the check you must provide appropriate documentation, which when applicable, may include but is not limited to a death certificate, trust agreement, will, and or power of attorney.
Background of the Case
On February 14, 2011, the United States Attorney for the District of Colorado obtained a final judgment of forfeiture against Joseph P. Nacchio, as a result of securities fraud committed against former shareholders of Qwest Communications, Inc. (“Qwest”). The United States Department of Justice intends to distribute approximately $44,000,000 of forfeiture proceeds to eligible victims of the Qwest securities fraud through a process called “Remission.” The Department of Justice has retained Gilardi & Co. LLC, to serve as Administrator of the remission process.
Notice of Remission
On September 28, 2011 Gilardi & Co. LLC, the Remission Administrator, notified claimant's via postal mail of their eligibility status based on their prior participation in the private securities class action, In re Qwest Communications International Inc. Securities Litigation, No. 01-cv-1451 (D. Colo.) and/or the US Securities and Exchange Commission Fair Fund, SEC v. Qwest Communications International Inc., Civil Action No. 04-D-2179 (D. Colo.). The private securities class comprised “all persons or entities that purchased or otherwise acquired Qwest Communications International Inc. (“Qwest”) publicly traded securities (including common stock, bonds and options) from May 24, 1999, through July 28, 2002.” The eligibility requirements for participation in the remission distribution are the same as the eligibility requirements for participation in the securities class action.
Three versions of the Notice were sent specifying if a claimants existing claim on file was valid, denied or de minimis as it pertains to the forfeiture proceeds available for distribution.
For additional information please click the links listed above for Case Documents and Frequently Asked Questions.