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The Association of U S West Retirees
 

 

 

4th day of Nacchio deliberations
By Andy Vuong, Staff Writer
Denver Post
Tuesday, April 17, 2007


Article Last Updated: 04/17/2007 11:04:02 AM MDT

Jurors in former Qwest CEO Joe Nacchio's insider trading case trickled in to their 10th-floor jury room this morning, some in pairs and others by themselves.

Today is their fourth day of deliberations.

No sooner did they begin deliberating when they asked U.S. District Judge Edward Nottingham for a "precise definition of material information."

After conferring with prosecutors and defense attorneys, Nottingham offered to re-read the entire jury instructions to the jurors.  Nottingham told them that he couldn't just read a part of the instructions because it would put unfair emphasis on that portion of the instructions.

The jurors retired to their deliberating room to decide whether they wanted the instructions re-read to them.  Meanwhile, the parties in the case, including Nacchio, have remained in the courtroom, awaiting the jury's decision.

Nottingham's courtroom is in recess until there is a verdict or a question from the jurors.

Otherwise, the next time the parties will reconvene in the courtroom is 5 p.m. today to dismiss the jury of eight men and four women.

As taken from the trial transcript, the jurors were asking for the definition of the word "material" as applied to facts or ommissions.

Judge Nottingham's instructions to the jury stated:  "In order for you to find a "material" fact or a "material" omission, the government must prove beyond a reasonable doubt that the fact misstated or the fact omitted was of such importance that it could reasonably be expected to cause or induce a person to act or to cause or to induce a person not to act with respect to the securities transaction at issue.

"Information may be material even if it relates not to past events but to forecasts and forward-looking statements, so long as a reasonable investor would consider it important in deciding to act or not to act with respect to the securities transaction at issue."

http://www.denverpost.com/ci_5686465