By JEFFREY GOLD
Associated Press Writer
April 5, 2001
NEWARK, N.J. (AP) -- Two former executives pleaded innocent Thursday to charges they falsely inflated the value
of a Connecticut company involved in the merger that created Cendant Corp. (NYSE:CD - news) One of the defendants
sought to have a new judge chosen for the case.
Cendant's disclosure three years ago of the accounting fraud led to a one-day, $14 billion stock meltdown and triggered
a huge class-action lawsuit by aggrieved shareholders.
Walter Forbes, former chairman of Cendant, and E. Kirk Shelton, a former executive vice president, both face one
conspiracy charge and one count of wire fraud, from a Feb. 28 indictment. Each charge carries up to five years
in prison and $250,000 in fines.
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