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Insider trading trial of former Qwest CEO starts
Court Watch |
2007/03/19 13:11
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| The US District Court for the District of Colorado began jury selection Monday in the trial of former Qwest Communications CEO Joseph Nacchio. Nacchio was indicted on 42 counts of insider trading in December 2005 for allegedly selling off more than $100 million in Qwest stock in conjunction with the Denver-based telephone service provider's accounting scandal. Nacchio faces up to ten years in prison and a $1 million fine for each of the 42 counts. The trial may last as long as eight weeks. Nacchio and other executives also face a class action lawsuit and civil charges brought by the Securities and Exchange Commission. Another former Qwest employee, ex-Vice President Marc Weisberg, pleaded guilty to wire fraud in December 2005 and agreed to help prosecutors build a 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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