On Thursday, a federal judge ordered former Kmart CEO Charles Conaway to pay more than $10 million for misleading shareholders about the retailer’s prospects before its 2002 bankruptcy. Reuters reports that Conaway plans to appeal the ruling, which comes as part of the SEC’s long-running case against Conaway.
As previously discussed here, the SEC argued back in September that Conaway should pay a fine of about $24 million. The judge, however, reportedly fined Conaway $2.5 million, ordered him to return a $5 million loan, and said he must pay about $2.7 million of interest. A jury found Conaway liable in a civil trial last June.