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STATE, DEPT. OF TREASURY v. QWEST COMMUNICATIONS INTERNATIONAL, INC.

904 A.2d 775 (2006)

387 N.J. Super. 469

STATE of New Jersey, DEPARTMENT OF TREASURY, DIVISION OF INVESTMENT, by Treasurer John E. McCORMAC, Plaintiff-Appellant, v. QWEST COMMUNICATIONS INTERNATIONAL, INC., Philip F. Anschutz; Joseph P. Nacchio; Robin R. Szeliga; Robert S. Woodruff; Stephen M. Jacobsen; Drake S. Tempest; Marc B. Weisberg; James A. Smith; Afshin Mohebbi; Lewis O. Wilks; Craig D. Slater, Defendants, and Arthur Andersen, LLP, Defendant-Respondent.

Superior Court of New Jersey, Appellate Division.

Decided August 18, 2006.

Attorney(s) appearing for the Case

Todd S. Collins (Berger & Montague) of the Pennsylvania Bar, admitted pro hac vice, Philadelphia, PA, argued the cause for appellant (Sterns & Weinroth, Trenton and Merrill G. Davidoff, Michael C. Dell'Angelo, and Ellen T. Noteware (Berger & Montague) of the Pennsylvania Bar, admitted pro hac vice, attorneys, Philadelphia, PA; William J. Bigham, Trenton, on the brief).

William H. Trousdale and Elissa J. Preheim (Arnold & Porter) of the District of Columbia Bar, admitted pro hac vice, Washington, DC, argued the cause for respondent (Tompkins, McGuire, Wachenfeld & Barry, attorneys, Newark; Mr. Trousdale and Ms. Preheim, Scott B. Schreiber and John A. Freedman (Arnold & Porter) of the District of Columbia Bar, admitted pro hac vice, Washington, DC, of counsel and on the brief).

Before Judges STERN, GRALL and LIHOTZ.

The opinion of the court was delivered by

LIHOTZ, J.T.C. (temporarily assigned).

Plaintiff, the State of New Jersey Department of Treasury (NJT), filed suit seeking damages for an alleged securities fraud against Qwest Communications International, Inc., certain individual corporate directors and officers of Qwest (individual defendants), and the former accountants and auditors for Qwest, Arthur Andersen, LLP (Andersen...

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