Saks Settles SEC Suit Over Accounting Practices

Law360, New York (September 5, 2007, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has filed and settled a suit alleging that employees of Saks Incorporated used improper accounting practices to hit aggressive financial targets, causing an overstatement in the company's income.

Saks, which owns retailers Saks Fifth Avenue and Club Libby Lu, on Wednesday settled the case without admitting or denying the allegations.

The final judgment permanently enjoins the company and its officers and employees from violating the federal securities laws related to the company’s reporting, record-keeping and internal controls to ensure the...
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