SEC Deal Cuts Ex-Kmart CEO's $10M Hit In Half

Law360, New York (October 22, 2010, 11:42 AM EDT) -- The U.S. Securities and Exchange Commission is asking a federal appeals court to approve a deal that slashes nearly $5 million from a $10 million judgment against former Kmart Corp. CEO Charles Conaway in a securities fraud suit alleging he misled investors about the company’s liquidity and inventory levels.

The SEC and Conaway on Thursday asked the U.S. Court of Appeals for the Sixth Circuit to allow the parties to enter an amended final judgment reducing disgorgement penalties against Conaway from $5 million to $3 million...
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