The Supreme Court heard the ex-Qwest CEO's petition last week.
By Andy Vuong
Tuesday, June 30, 2009
The U.S. Supreme Court didn't disclose Monday whether it will review former Qwest chief executive Joe Nacchio's appeal of his insider-trading conviction, signaling to his attorneys that the case may be garnering deep consideration.
Nacchio's petition for a high-court review was to be considered during last Thursday's private conference of justices, and decisions are typically announced a few days after a case is considered in a conference.
But Nacchio's case wasn't on Monday's list of orders, which discloses whether petitions are granted or denied. The next list of orders isn't scheduled to be issued until July 27.
Nacchio's attorney, Maureen Mahoney, said the delay and the justices' request last week for the entire case record from the trial and appeals courts "is a sign that the petition is being given serious consideration."
A Justice Department spokeswoman declined to comment.
Order lists are also scheduled to be released Aug. 17 and Sept. 4. The Supreme Court grants review to about 1 percent of cases submitted.
Nacchio began serving a six-year prison term in April at a federal prison camp in
Mahoney has argued in court filings that Nacchio's case merits review because it was the first time an executive was charged with illegal insider trading based on internal concerns about a company's financial results for future quarters. She contends that there aren't established standards for determining the materiality of such information, a claim the government disputes.
Mahoney also argued that the trial judge wrongfully excluded expert testimony from a defense witness. The government contends that the judge didn't abuse his discretion in excluding the testimony.
Nacchio was convicted in 2007 on charges that he sold $52 million in Qwest stock based on private information that the company was financially deteriorating.
Andy Vuong: 303-954-1209 or firstname.lastname@example.org