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Latham & Watkins appellate chief Maureen Mahoney couldn’t get the full 10th U.S. Circuit Court of Appeals to overturn the insider trading conviction of former Qwest CEO Joseph Nacchio last winter, but on Friday she won a ruling that will at least shorten Nacchio’s prison sentence (pdf). In a 59-page opinion, a three-judge panel of the 10th Circuit concluded that the district court erred in sentencing Nacchio to six years on the basis of alleged insider trading gains of $28 million. The court reversed the sentence and remanded Nacchio to federal district court for resentencing. He could face as little as 3 1/2 years.

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