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Nacchio's legal tab picked up by Qwest
Bylaws require Qwest to pay for ex-CEO's defense
Denver Post
January 26, 2007
By Andy Vuong
© Copyright 2007 Denver Post
Joe Nacchio is getting the best defense Qwest can buy.
The Denver-based phone company is paying for Nacchio's multi million-dollar defense against civil and criminal charges, which include 42 counts of illegal insider trading.
Nacchio, Qwest's former chief executive and chairman, has pleaded not guilty, and his criminal trial is scheduled to start March 19. ...
Qwest, which acquired Baby Bell US West in 2000, hasn't disclosed how much it has spent or expects to spend on Nacchio's defense. Some of the fees may be covered by so-called Directors and Officers liability insurance, which many public corporations including Qwest carry to help defend and settle lawsuits against key officials.
But the insurance typically doesn't cover criminal charges, said John Toothman, founder of The Devil's Advocate, a legal- fees consulting firm in Great Falls, Va. ...
Toothman said the lead attorneys in the case could likely charge more than $500 an hour and their associates around $200 an hour....