Thursday, June 11, 2009
Former Qwest CEO Joseph Nacchio's Petition for Cert can be found here. He argued that the Tenth Circuit decision (en banc) conflicted with other circuits. (The Tenth Circuit opinion was decided with a close vote). Nacchio has now filed his Reply Brief, responding to the government, and the matter has been set for conference at the end of the month. Here are some interesting lines from the brief-
- "The petition and amicus briefs explained that if the internal debates and predictions underlying this prosecution count as 'material inside information' then no company or executive can buy or sell stock, ever, without risking capricious criminal prosecution."
- "The government never denies that this is the first time an executive has ever been prosecuted on the basis of undisclosed 'risks' about future quarters, or that Nacchio was convicted for failing to disclose information that other circuits would have punished him for disclosing."
There are a host of other important issues in this case.
Reply Brief - Download Cert_Reply
See also Catherine Tsai, Houston Chronicle (AP), Nacchio: Case never should have gone to trial