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CVS in $20M Settlement with SEC Over Accounting

CVS Store Outside


CVS Caremark Corp agreed to pay $20 million to settle U.S. Securities and Exchange Commission charges that it misled investors about significant financial setbacks and used improper accounting to artificially boost its results.

The Woonsocket, Rhode Island-based company did not admit or deny wrongdoing in agreeing to settle.

CVS operates the second-largest U.S. drugstore chain. (Reporting by Jonathan Stempel in New York)