BRIEF-CVS to pay $20 mln to settle SEC case over disclosures, accounting

April 8 Tue Apr 8, 2014 1:12pm EDT

April 8 (Reuters) - CVS Caremark Corp : * SEC files civil lawsuit against CVS Caremark Corp over alleged

misleading disclosures in 2009-2010, inappropriate accounting in 2009 --

court filing * SEC says accuses CVS of materially incompete and misleading disclosures

regarding expected results in its pharmacy benefits manager business for 2010 * SEC says accuses CVS of inappropriate accounting treatment for acquisition of

chain of drugstores, causing retail operating results to be materially

overstated in Q3 2009 * SEC says CVS agrees to pay $20 million to settle charges * SEC says CVS neither admitted nor denied the allegations * SEC says former CVS retail controller laird daniels, who it accused of

improper accounting adjustments, to pay $75,000 penalty in related

settlement, also without admitting wrongdoing

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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