Getting your player ready...
DENVER—A federal judge has approved a settlement of a civil lawsuit the Securities and Exchange Commission filed against former Qwest CEO 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. The suit is pending against other defendants.
Nacchio already is serving five years and 10 months in prison, and he forfeited $44.6 million, after convictions in 2007 in a criminal insider trading case.
