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Former Qwest CEO Nacchio is guilty on 19 counts
Securities |
2007/04/20 08:30
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| Former Qwest Communications CEO Joseph Nacchio was convicted Thursday by a federal jury on 19 of 42 counts of insider trading. Nacchio illegally sold 1.33 million shares valued at $52 million dollars in conjunction with the Denver-based telephone service provider's account scandal between April 26 and May 29, 2001. Nacchio faces a maximum sentence for each count of up to 10 years in prison and a $1 million fine. The federal jury acquitted Nacchio of 23 counts of insider trading originating before April 2001. Nacchio's sentencing is slated for July 27, and he is currently free on $2 million bail. Nacchio and other former Qwest executives still face a class action lawsuit and civil charges brought by the Security and Exchange Commission. Another former Qwest employee, ex-Vice President Marc Weisberg, pleaded guilty to wire fraud in December 2005 and helped prosecutors build their case against Nacchio. |
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Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website, lawyer website templates and help you redesign your existing law firm site to secure your place in the internet. |
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