Oak Settlement Due
Troubled Oak Industries is about to sign a consent agreement with federal regulators to end the Securities and Exchange Commission’s nearly two-year investigation of the Rancho Bernardo company, sources familiar with the case said Monday.
SEC officials have examined Oak’s financial disclosures and have investigated business dealings between the company and friends and family of former Oak Chairman Everitt A. Carter. Carter resigned last fall after the company had $300 million in losses from 1982 through 1984.
SEC representatives are due in San Diego today to announce the settlement, according to the sources.
Still unresolved is a class-action lawsuit by shareholders against Oak and some present and former company officials. A proposed $13.25-million payment to the plaintiffs has been on the negotiating table for weeks.