Law360, New York (March 31, 2006, 12:00 AM EST) -- The Securities and Exchange Commission has been dealt another setback in its extended lawsuit against former Qwest Communications CEO Ralph Nacchio. A federal judge has dismissed two of the agency's claims against Nacchio and ordered the SEC to refile them using more specific language.
Colorado district judge Marcia Krieger ruled that the SEC was not specific enough in a claim alleging Nacchio falsified accounting records.
Krieger also tossed out a claim that Nacchio aided the company’s failure to keep accurate records.
“This allegation, which suggests that...
Judge Tosses Two SEC Claims Against Nacchio
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