Convicted Ex-Qwest CEO Seeks Legal Fees
Posted May 29, 2007 7:16 AM CDT
By Debra Cassens Weiss
The former CEO of Qwest Communications contends the company should continue to pay legal fees related to insider trading charges.
Joseph Nacchio, convicted of insider trading last month, claims the agreement covering his 2002 resignation provided for payment of the fees, according to Associated Press.
The company had paid fees through March, but its general counsel refused to tell Nacchio’s attorneys if April fees would be paid, according to a complaint filed in Delaware chancery court.
Delaware has seen many battles over executives' legal fees, according to the Wall Street Journal (sub. req.). Conrad Black, the former head of Hollinger International on trial for fraud, got the court to order payment of his legal fees.