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Judge Allows Talks in Quattrone Case to Go On

July 22, 2006|From Bloomberg News

The federal judge presiding over the obstruction-of-justice prosecution of former Silicon Valley investment banker Frank Quattrone on Friday gave both sides another month to work out an agreement to avoid a third trial.

A U.S. appeals court in March threw out Quattrone's conviction and ordered a new trial, citing faulty jury instructions. Quattrone's first trial ended in a hung jury in October 2003. He was convicted after a second trial in May 2004.

Quattrone, 50, was charged with urging fellow Credit Suisse bankers to destroy records after learning of a U.S. investigation into how the bank distributed shares of initial public stock offerings.

"We hope to advise the court very shortly regarding the conclusion of the parties' discussions," defense attorney Mark Pomerantz wrote in a two-page letter to U.S. District Judge George Daniels in New York.

Daniels has granted several postponements related to a trial date to allow for a possible resolution of the case.

In requesting the latest adjournment, Pomerantz told Daniels that the two sides didn't "presently anticipate" more postponements.

The judge approved the request in the letter, which gave no details about the nature of the negotiations. The parties have until Aug. 21 to work out a solution.

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