Interstate Bakeries To Settle SEC Investigation

Law360, New York (November 2, 2006, 12:00 AM EST) -- Bankrupt snack cake maker Interstate Bakeries Corporation said Thursday that it had agreed to settle an investigation brought by the U.S. Securities and Exchange Commission over its workers compensation reserves.

The settlement includes a cease-and-desist order against future violations of record-keeping, and internal controls and reporting provisions. The Missouri-based company admitted no wrongdoing as part of the settlement.

The settlement still awaits SEC approval.

IBC announced in January 2005 that the SEC had issued a formal order of private investigation related to the company’s audit committee...
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