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Navistar, SEC Reach Settlement In Restatement Probe

Truck and engine maker said chief executive will return part of 2004 bonus to resolve SEC investigation into company's restatement of several years of previous financial results.

WARRENVILLE, Ill. (AP) -- Truck and engine maker Navistar International Corp. said Monday its chief executive will return part of a 2004 bonus in connection with a settlement of a Securities and Exchange Commission investigation into the company's restatement of several years of previous financial results.

The tentative deal resolves the matters under investigation, which relate to a restatement of its financial results for 2002 through the first three quarters of 2005.

The company said an internal investigation was completed by a special committee of the Navistar board of directors in December 2007.

The settlement does not require an admission or a denial of any wrongdoing. It also does not require the company to pay any fines.

As part of the settlement with the SEC, Chairman and CEO Daniel C. Ustian has agreed to return some of his 2004 bonus, the only year in which a bonus was paid during the period in question.

It also is expected that several former Navistar employees will agree to a civil penalty, the company said.