Defendant Name: Andeavor LLC

Defendant Type: Subsidiary of Public Company
Public Company Parent: Marathon Petroleum Corporation
SIC Code: 2911
CUSIP: 56585A10

Initial Case Details

Legal Case Name In the Matter of Andeavor LLC
First Document Date 15-Oct-2020
Initial Filing Format Administrative Action
File Number 3-20125
Allegation Type Issuer Reporting and Disclosure
AAER 4190

Violations Alleged

Exchange Act
• Sec 13(b)(2)(B)

Resolutions

First Resolution Date 15-Oct-2020

Related Documents:

34-90208 15-Oct-2020 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On October 15, 2020, the SEC instituted settled cease-and-desist proceedings against Andeavor LLC. The SEC stated: "This matter involves Andeavor’s failure to devise and maintain a system of internal accounting controls sufficient to provide reasonable assurance that stock buyback transactions were executed in accordance with management’s authorization."
2020-258 15-Oct-2020 Press Release--Administrative Proceeding
SEC Charges Andeavor for Inadequate Controls Around Authorization of Stock Buyback Plan
The SEC announced: "settled charges against Andeavor LLC for controls violations relating to a stock buyback plan it implemented while it was in discussions to be acquired by Marathon Petroleum Corp. in 2018. Andeavor agreed to pay a $20 million penalty to settle the charges."