The Justice Department won’t appeal a recent court decision ordering a new sentence for Joe Nacchio, the ex-Qwest Communications International Inc.(Q) CEO convicted two years ago of insider trading.
The news comes after last month’s ruling that a trial judge overdid it when sentencing Nacchio to six years in prison and forfeiting $52 million gained from his felony activity.
The Justice Department had the right to request reconsideration of that order, but said Monday it will not seek a review. A U.S. District Court in Denver next will rule on the re-sentencing.
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