We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Former Kmart CFO Reaches Deal With SEC

Law360 (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.

The SEC sued...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.