SEC-Nacchio settlement wins judge's approval

 

By The Associated Press

January 22, 2011

A federal judge has approved a settlement of a civil lawsuit filed by the Securities and Exchange Commission against former Qwest chief executive Joseph Nacchio.

Court documents filed Friday showed the settlement, which was reached last year, was approved. It bars Nacchio from being an officer of a public company again.

The SEC lawsuit accused Nacchio and other former executives at Denver-based Qwest Communications International Inc. of misleading investors on details of the telecommunication company's revenue between 1999 and 2002.

Nacchio already is serving five years and 10 months in prison. He forfeited $44.6 million after convictions in 2007 in a criminal insider-trading case. The Associated Press