Nacchio not paying settlement
Jeff Smith, Rocky Mountain News
Published February 2, 2007 at midnight
Former Qwest CEO Joe Nacchio's $1.5 million settlement with the California State Teachers Retirement System isn't an admission of wrongdoing, and he personally didn't make the payment, his attorney said Thursday.
"The CalSTRS settlement on behalf of all of the (Qwest) executives was made with insurance funds," said Herbert Stern, Nacchio's attorney. "Joseph Nacchio paid nothing personally, not a penny."
Stern drew the distinction as Nacchio prepares to go to trial March 19 in Denver on 42 counts of criminal insider trading. He has pleaded not guilty.
The $1.5 million payment was part of a $46.5 million settlement of a four-year-old California state lawsuit alleging that Qwest, Nacchio and others misled investors and artificially inflated financial results. Qwest, its former accountants and several investment banks paid the other $45 million.
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