AUSWR
The Association of U S West Retirees
 

 

 

Notebaert not saying much about Nacchio
By Jeff Smith
Rocky Mountain News
Wednesday, May 2, 2007


True to form, Qwest CEO Dick Notebaert didn't have much to say Tuesday about the recent conviction of former Qwest CEO Joe Nacchio on insider trading charges.  "I don't look through the rear-view mirror," Notebaert said, repeating one of his favorite lines.  "We at Qwest are focused on our customers" and the business.

Qwest has been paying Nacchio's legal expenses.  Some of the money, at least initially, came from insurance.  Notebaert said the company is continuing to examine the possibility of trying to recover some of its money, but no decisions have been made.  Experts have said appeals will need to run their course.

Qwest said its expenses in the first quarter included a $40 million charge related to securities litigation.  But Notebaert said those expenses stemmed from Qwest's various settlement efforts of lingering civil lawsuits, which also stem from the Nacchio era.

http://www.rockymountainnews.com/drmn/tech/article/0,2777,DRMN_23910_5515513,00.html