Ex-Kmart CEO's Fraud Verdict Affirmed

Law360, New York (January 21, 2010, 1:41 PM EST) -- A federal judge has upheld a jury verdict finding former Kmart Corp. CEO Charles Conaway liable for misleading investors about liquidity and inventory levels as the company drew toward bankruptcy in 2001.

In a 211-page ruling on Wednesday, Magistrate Judge Steven Pepe of the U.S. District Court for the Eastern District of Michigan denied Conaway's motion for a new trial and ruled that the jury was correct when it found in June that he violated the Securities Exchange Act by making misrepresentations in an investor conference...
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