CenturyLink Investors Seek First Court OK of $55 Million Deal

CenturyLink Inc. investors who accused the company of misleading them about overbilling practices asked a federal judge in Minnesota Tuesday to grant preliminary approval of a $55 million settlement.

The cash deal—"one of the top ten securities class action settlements ever” in the U.S. District Court for the District of Minnesota—follows more than three years of “vigorous” litigation, investors told the court in a memo accompanying their motion for preliminary settlement approval.

Investors accused CenturyLink of not telling them about sales practices that added unasked-for services to customer bills. They survived a motion to dismiss in 2019.

Judge Michael J. ...