WEST PALM BEACH, Fla. (AP) -- Former Sunbeam Corp. CEO Al Dunlap will pay $500,000 to settle a lawsuit charging him with improper accounting at Sunbeam, where he earned the nickname "Chain Saw Al" for his relentless job cuts.
The judgment against Dunlap was signed Wednesday by a federal judge. The settlement bars Dunlap from serving as an officer or director of any public company, though he admitted no wrongdoing.
Dunlap gained the "Chain Saw" moniker for slashing thousands of jobs at Sunbeam and other companies during his career.
In the process, he made millions, and his memoir "Mean Business: How I Save Bad Companies and Make Good Companies" became a best-seller.
Also Wednesday, U.S. District Judge Donald Middlebrooks ordered Sunbeam's former chief financial officer, Russell Kersh, to pay $200,000 as part of the settlement.
Kersh also admitted no wrongdoing, but also was barred from ever again leading a public company.
Shareholders earlier lodged similar allegations in a class-action fraud lawsuit. In a settlement of that suit last month, Dunlap paid $15 million and Kersh $250,000.
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