Qwest to decide later on Nacchio fees.
By Andy Vuong
Thursday, May 14, 2009
Qwest general counsel Rich Baer said today that the company
would wait until after former Qwest chief executive Joe Nacchio
has exhausted all of his appeals before deciding whether or how
to recover the money it has advanced for Nacchio’s legal fees.
Nacchio is serving a six-year prison sentence at a federal
prison camp in Pennsylvania for illegal
He has filed a petition for the Supreme Court to review his
case. He has also asked a district court judge to grant
him a new trial because of newly discovered evidence.
Qwest has not said how much it has spent on Nacchio’s legal
fees. Baer said the company doesn’t consider the fees
advanced to Nacchio thus far as “material” -- or large enough to
require public disclosure under accounting rules and
regulations. Experts have estimated that Nacchio’s legal bills
could be as high as $75 million, based on tabs rung up by other
high-profile white-collar criminals such as former Enron CEO
Baer’s comments came in response to a question from a
shareholder at Qwest’s annual stockholders meeting.