Nacchio's Attorneys Continue Bid to Have Charges Dropped
By a WALL STREET JOURNAL Staff Reporter
Tuesday, May 2, 2006
Denver -- In a series of
legal filings yesterday, attorneys for Joseph Nacchio
continued their bid to have criminal insider-trading charges
against the former Qwest Communications International Inc.
chief executive dismissed.
In filings in U.S. District Court here, Mr. Nacchio's
attorney Herbert Stern argued that prosecutors didn't make
it clear that to commit a crime, Mr. Nacchio must have based
his decision to sell Qwest stock on insider information.
Mr. Nacchio says he didn't act on the basis of insider
information. The distinction between selling while in
possession of insider information and selling on the basis
of inside information has been debated between the two
No trial date has been set.