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Office Depot Settles With SEC for $1 Million

WEST PALM BEACH (CN) - Office Depot will pay $1 million to settle fair-disclosure regulations, and two former top executives will pay $50,000 apiece, the SEC said. The SEC said then-CEO Stephen Odland and then-CFO Patricia McKay "selectively shared information with analysts and the company's largest shareholders" near the end of the second quarter of 2007, giving "an unfair advantage to favored investors at the expense of other investors."

Neither Office Depot nor Odland or McKay had to admit or deny the allegations.

Odland and McKay are not defendants in the SEC's federal complaint against the company. The SEC described their settlements in a statement announcing the settlement with Office Depot.

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