Retirees cheer Nacchio decision
By Alex McCarthy and Andy Vuong
Thursday, July 31, 2008
Qwest retirees rejoiced over Wednesday's decision that a full
panel of appellate judges will reconsider former Qwest chief
executive Joe Nacchio's insider-trading conviction.
"We were very pessimistic that this was going to happen, so
we're delighted," said Mimi Hull, president of the Association
of U S West Retirees. "We were very upset when the appeals
court ordered a new trial and felt that they (the judges who
ruled) really did not represent the views of the full appeals
Nacchio served as Qwest's CEO from 1997 until he was ousted in
June 2002. Under his watch, Qwest acquired U S West in
June 2000, and the combined company nearly crumbled into
bankruptcy two years later.
"This will be something that will come back to uplift our
retirees," Nelson Phelps said of Wednesday's decision.
"Hopefully, we'll get support for the original conviction.
I think the worst thing in the world would be that there's a
retrial; that just takes years." Denver-based Qwest
has footed Nacchio's legal bill during the legal proceedings.
He also faces civil charges. Curtis Kennedy, an attorney
for the retirees association, estimated that Nacchio probably
has racked up more than $25 million in legal bills.