Securities Law
Saks Settles With SEC
Saks Fifth Avenue has agreed to settle a civil suit filed by the Securities and Exchange Commission that alleges the luxury retailer violated financial reporting requirements.
Saks agreed to an injunction against future violations without admitting or denying liability, according to an SEC press release. The suit contends store employees engaged in deceptive practices to meet aggressive financial targets, resulting in an overstatement of income.
The SEC claims the deceptive practices continued from at least 1999 to 2003, Reuters reports. The wire service was unable to reach Saks for comment.
