Dana Settles With SEC Without Paying Fine

TOLEDO, Ohio (AP) — Dana Holding Corp. said on Friday that it has settled with the Securities and Exchange Commission over accounting issues that led to a restatement of its finances for 2004 and the first half of 2005.

Dana said no fines or penalties were imposed, but it consented to a cease-and-desist order. It said the prior deficient internal controls were fixed in 2007, and Dana's auditors have confirmed the remedial actions the company took.

The SEC had looked into whether the former Dana Corp. violated securities laws. That company filed for bankruptcy protection on March 3, 2006, amid declining demand for sport utility vehicles and light pickup trucks. Dana Holding Corp. was the successor to that company.

Dana Holding Corp. shares rose 25 cents, or 4.7 percent, to close at $5.61 on Friday.