Kmart Ex-Execs Lose Bid to Dismiss SEC Suit
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Kmart Corp.’s former two top executives lost bids to dismiss a U.S. government lawsuit claiming that they misled investors before the retailer’s bankruptcy filing.
U.S. District Judge Paul V. Gadola in Flint, Mich., rejected a request by former Kmart Chief Executive Charles C. Conaway and Chief Financial Officer John T. McDonald to dismiss a suit filed by the Securities and Exchange Commission. The SEC claimed that the men made false statements about the company’s ability to pay its bills in the months leading to Kmart’s collapse in 2002.
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