The former Qwest Communications International CEO, Joseph Nacchio, and his wife have won a $14.2m suit against a unit of Goldman Sachs and financial adviser, David Weinstein, over the sale of life insurance policies. In an interview with Fox News on Wednesday, Mr Weinstein said he was "shocked" by the size of the settlement, which is expected to be paid out in installments. An Ayco spokesman said it was disappointed with the verdict and are planning to appeal; Weinstein has so far not responded.
The former Qwest Communications International CEO, Joseph Nacchio, and his wife have won a $14.2m suit against a unit of Goldman Sachs and financial adviser, David Weinstein, over the sale of life insurance policies. The accused the bank's Ayco financial planning unit and Weinstein of breaching their fiduciary duties by failing to let them know that the $95m of variable life insurance they bought in 2000 would likely lapse before they died. An Ayco spokesman said it was disappointed with the verdict and are planning to appeal; Weinstein has so far not responded.