U.S. Securities & Exchange Commission
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U.S. Securities and Exchange Commission

Huntington Bancshares, Inc.

On June 2, 2005, the SEC filed a settled civil action and issued an order in a settled administrative proceeding against Huntington Bancshares, its CEO, Thomas Hoaglin, its former CFO, Michael McMennamin, and its former controller, John Van Fleet.  In the administrative proceeding, the SEC charged that Huntington overstated both its 2001 operating earnings by $11.4 million and its 2002 operating earnings by $12.8 million to meet analysts’ expectations and management bonus targets.  To settle this matter, Huntington agreed to pay a civil penalty of $7.5 million and the three individuals agreed to pay disgorgement, pre-judgment interest, and civil penalties totaling $1,134,484. 

The SEC has posted numerous litigation releases regarding this matter.  You can find them by visiting the SEC's website and inserting the words "Huntington Bancshares" in the “Search SEC Documents” box.

On March 16, 2006, the SEC approved the staff’s proposed Original Distribution Plan.  In addition, the SEC appointed Nancy Grunberg of the law firm Venable LLP as Fund Administrator of the Distribution Plan.  On August 16, 2006, Ms. Grunberg proposed a Modified Distribution Plan for SEC review, which was approved by the SEC on October 2, 2006.



Modified: 02/12/2007