The company that operates the financial news website TheStreet.com and three executives have settled federal civil charges of accounting fraud. The Securities and Exchange Commission said Tuesday that the company, TheStreet Inc., and the executives engaged in a scheme in 2008 to artificially inflate the company’s revenue and mislead investors. The co-presidents of a company subsidiary and a former chief financial officer of the company agreed to pay a total of about $409,000 to settle the charges.
Co-presidents Gregg Alwine and David Barnett were barred for 10 years from serving as officers or directors of any public company. Former CFO Eric Ashman was barred for three years.
Dillard’s to pay $2 million
Dillard’s Inc. agreed to pay $2 million as part of a class-action disability discrimination lawsuit filed by the U.S. Equal Employment Opportunity Commission. At issue, according to an EEOC statement Tuesday, was Dillard’s policy of requiring all employees to disclose personal and conffidential medical information in order to be approved for sick leave.The settlement also resolved claims that the retailer terminated a group of employees nationwide for taking sick leave beyond the maximum amount of time allowed.
ConocoPhillips selling Algerian unit
ConocoPhillips says it has agreed to sell its business in Algeria to Indonesia’s state-owned oil and gas company Pertamina for $1.75 billion. The Algeria business holds stakes in three major oil fields. The fields produced an average 11,000 barrels of oil equivalent per day for the year through October. The Houston company overall produced about 1.57 million barrels of oil equivalent per day in the nine months through September.