The trial of former Qwest chief executive Joseph Nacchio’s criminal insider-trading case is scheduled to start March 19 and could last up to eight weeks.
U.S. District Judge Edward Nottingham set the trial date today after he denied Nacchio’s motion to move the case from Colorado to Nacchio’s home state of New Jersey.
Nacchio faces 42 counts of illegal insider trading connected to his sale of $100.8 million in Qwest stock in early 2001. Prosecutors allege he knew that the company’s finances were faltering. Nacchio has pleaded not guilty.
Pre-trial publicity has been extensive and “some of the publicity has not been favorable to Mr. Nacchio,” Nottingham said today. But the publicity has not “infected” the court’s proceedings, he said.
Nacchio’s attorney’s had contended that “intensive negative media coverage repeatedly and continually showered on Mr. Nacchio and Qwest” make it impossible for him to get a fair jury trial in Denver.
“The obession with Mr. Nacchio and Qwest in this district is something you don’t see elsewhere,” said Jeff Speiser, an attorney for Nacchio.
Nottingham said he’ll give both sides 15 trial days to present their case for a total of 30 trial days. He said his courtroom will hold four trial days per week.
“Thirty days to try this case ought to be plenty,” Nottingham said, adding that he could extend the trial if necessary.
