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ConAgra to pay $45 mln to settle fraud charges-SEC

Wed Jul 25, 2007 11:12am EDT

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WASHINGTON, July 25 (Reuters) - ConAgra Foods Inc. (CAG.N) agreed to pay $45 million to settle civil charges of financial fraud and improper accounting practices, the U.S. Securities and Exchange Commission said on Wednesday.

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The SEC said ConAgra misused corporate reserves to manipulate earnings in fiscal year 1999 and a former subsidiary engaged in improper revenue recognition in 2000. The company also made numerous tax errors from 2002 through 2005, the SEC said.

The company settled without admitting or denying the SEC's allegations, the agency said.

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