Securities and Exchange Commission v. PACCAR Financial Corp., PACCAR Inc.
Published: Jun. 15, 2013 | Result Date: Jun. 3, 2013 | Filing Date: Jan. 1, 1900 |Case number: 2:13-cv-00953 Settlement – $225,000
Facts
Securities And Exchange Commission (SEC) filed a complaint against PACCAR Financial Corp. and PACCAR Inc. involving its accounting deficiencies that stemmed from three separate and distinct issues. The SEC alleged that PACCAR failed to report the operating results for its parts business as a reportable segment as required by Generally Accepted Accounting Principles. It also failed to maintain accurate books and records regarding their impaired loans and leases. Also, PACCAR was alleged to have made overstatements in equal and offsetting amounts to loan and lease originations and collections for two of its subsidiaries. These accounting deficiencies constituted violations of the securities laws. PACCAR made commercial trucks and was based in Bellevue, WA.
Result
PACCAR agreed to settle for $225,000.
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