Dana Settles With SEC In Accounting Fraud Probe

Law360, New York (September 14, 2009, 6:46 PM EDT) -- Dana Holding Corp. has reached a settlement with the U.S. Securities and Exchange Commission resolving an investigation into the auto parts maker's accounting practices that led to an $88 million financial restatement in 2005.

No fines or penalties were imposed against Dana, but the company consented to a cease-and-desist order as part of the settlement, it said in a statement Friday.

The SEC launched its investigation into the former Dana Corp. after the Toledo, Ohio-based company revealed in October 2005 that it would have to restate...
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