Judge Upholds Suit Against Ex-Kmart Execs

Law360, New York (October 4, 2006, 12:00 AM EDT) -- Two former executives of retailer Kmart Corp. will have to stand trial in a civil fraud case, after a federal judge refused to dismiss the suit filed against them by the U.S. Securities and Exchange Commission.

Former chief financial officer John McDonald and former CEO Charles Conaway will head to court in Michigan after U.S. District Court Judge Paul Gadola denied their motion to dismiss the SEC’s 2005 suit.

The SEC has alleged that Conway and McDonald hatched a scheme to delay payments to vendors in...
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