Law360, New York (May 4, 2009, 12:00 AM EDT) -- Former Kmart Corp. executive John T. McDonald Jr. has agreed to a civil penalty of $120,000 and an injunction barring him from serving as officer or director for an issuer of registered securities, ending a lawsuit filed by the U.S. Securities and Exchange Commission alleging that he misled investors.
Under a consent judgment entered Friday in the U.S. District Court for the Eastern District of Michigan, McDonald did not admit to any wrongdoing. An attorney for McDonald declined to comment on the deal.
Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.