US food giant Kraft Foods has said that the US Securities and Exchange Commission has informed the company that it does not intend to recommend an enforcement action against Kraft in connection with the investigation of food distributor Fleming.
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Last November, the SEC informed Kraft of a possible civil enforcement action against the company for allegedly aiding and abetting violations of the securities laws by Fleming.
“Kraft cooperated with the Commission in its investigation, and we appreciate the full and fair opportunity that the staff gave us to present our views on the merits and to describe Kraft’s compliance programmes in this important area of the law,” said Marc Firestone, executive vice president and general counsel at Kraft. “We are pleased that the Commission staff is not recommending any action against us.”
