Nissan And Its Ex-Chairman Agree To Settlement With SEC

Nissan faced allegations of misleading investors about a $140 million retirement plan for its ex-chairman. The SEC fined Nissan $15 million, and former chairman Carlos Cone $1 million, barring him from serving as an officer or director for 10 years. The SEC's inquiry revealed a scheme to hide $90 million in compensation and increase Cone's retirement by $50 million. Japanese prosecutors also charged Nissan and Cone with financial misconduct. In response to profit drops, Nissan announced plans to cut 12,500 jobs, with analysts linking the decline to the ongoing legal drama. Cone denies any wrongdoing.

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