Truck Co. Settles With SEC On Accounting Breakdowns

Law360, New York (June 3, 2013, 7:30 PM EDT) -- Washington-based commercial truck manufacturer PACCAR Inc. will pay $225,000 to settle a U.S. Securities and Exchange Commission suit alleging the firm used improper accounting methods during the financial crisis, the agency said Monday.

The SEC filed and settled a suit in Washington federal court alleging Bellevue-based PACCAR and a subsidiary, PACCAR Financial Corp., failed to report the operating results of its aftermarket truck parts business separately from its truck sales business. PACCAR also failed to provide a clear picture of its loan and lease portfolios and...
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