Former Qwest CEO Joe Nacchio's legal team formally appealed to the U.S. Supreme Court Friday, asking judges to overturn Nacchio's insider trading conviction. The action had been expected for several days, and came one day after Nacchio was given a stay in his six-year prison sentence--originally due to start today.
In her written appeal, Nacchio attorney Maureen Mahoney disputed whether the information Nacchio was accused of acting on met the definition of material inside information. She also repeated the claim that expert testimony was unfairly kept out of the original trial, and made a new claim of "ethnic bias," Dow Jones Newswires reports (Nacchio, who grew up in New Jersey, is the son of Italian immigrants).
- CNN Money has the Dow Jones Newswires report
Nacchio last week got good news about prison and a cancer biopsy
Nacchio's insider trading conviction was upheld last month