April 17, 2007 9:24 AM
Day 19: Jurors deliberate for fourth day
5:01 p.m.: Jurors dismissed for the day, will resume deliberations Wednesday.
Judge Edward Nottingham quipped to the jury as he wished them a good evening: "Have a drink if you’re so inclined -- or two or three if you’re so inclined." Jurors laughed.
After the jury left the courtroom, lead prosecutor Cliff Stricklin said: "Does that instruction apply to us all, your honor?"
"I'm going to take my own advice," Nottingham responded.
10 a.m.: Jurors have asked for a precise definition of "material" information.
The defense objected to a single instruction being cherry picked, and Judge Nottingham agreed it would be improper for one instruction to be read back when the instructions in full are to be considered.
So he gave the jury the option of having all the instructions restated, which the jury requested.
Before re-reading the instructions, Nottingham told the jurors that their question was not a surprise.
Material goes to the issue of whether the government has proven beyond a reasonable doubt that a "reasonable investor" would have considered the information important to know. In this case, materiality may relate to Qwest's one-time sales of network capacity in the first half of 2001.
In order for Joe Nacchio to be convicted of insider trading, the jury must find Nacchio was aware of material, nonpublic information, and then sold the stock on the basis of that information. The information doesn't have to be the sole basis of his decision, but it must be a significant cause.
The government also must prove beyond a reasonable doubt that Nacchio acted with a willful intent to defraud.
Nacchio didn't disclose to the public how much Qwest was relying on one-timers to make its growth targets, even though analysts and investors were pressing him for more information.
Jurors are paying close attention to the instructions, and some are taking notes.
9:20 a.m.: Jurors in the Joe Nacchio insider-trading case are believed to have resumed deliberations for the fourth day.